Troubled crypto hedge fund Three Arrows Capital (3AC) has moved to protect its US assets by filing for Chapter 15 bankruptcy in Manhattan federal court, according to a report by The Financial Times.
The development comes after a court in the British Virgin Islands issued a liquidation order against the 3AC after it allegedly failed to $80 million it owed to digital asset exchange Deribit.
The Chapter 15 filing will prevent creditors from seizing 3ACs US assets.
Advisory firm Teneo as been appointed in the British Virgin Islands to liquidate Three Arrows, while law firm Latham & Watkins is representing 3AC in its US bankruptcy proceedings.
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