Legal Freeze: A British Virgin Islands court has frozen $1 billion in assets belonging to the founder of Three Arrows Capital. | Coin Genetics | Coins | December 2023
Hello Crypto Pals! Hey Durgesh, here’s some great news from the cryptocurrency world that will make your senses tingle! 🚀 Grab your popcorn because we’re talking about a British Virgin Islands court imposing a financial freeze on a whopping $1 billion worth of assets belonging to the brains behind Three Arrows Capital (3AC). Ice, ice, baby! ❄️
The Players on Ice: Su Zhu, Kyle Davies, and the Not-So-Cold Kelly Chen
A court order colder than an arctic wind has been issued to Su Zhu and Kyle Davies, founders of now-bankrupt 3AC. But wait, there’s a twist! Kyle’s wife, Kelly Chen, also had a front row seat to the frozen spectacle. This is like freezing your entire cryptocurrency family tree! 🌲❄️
Behind the Scenes: From Jail to Asset Freeze
Our protagonist, Su Zhu, was locked in the slammer in Singapore for four months in September. why? Well, even after 3AC dusted himself off, he still couldn’t clean up the mess. According to rumors, he will receive a release card for good behavior this month. Now, isn’t this a twist straight out of a blockbuster movie? 🍿🎬
So why freeze those assets? 3AC hit a financial iceberg when stablecoin issuer Terra turned into the Titanic. Irrecoverable losses led to the filing of Chapter 15 bankruptcy last July. Now a liquidator, Teneo is on a $1.3 billion mission, which Kelly Chen is also funding. Perhaps to prevent assets from escaping through ice cracks. Move wisely, Teneo! 🧊💸
Big Cooling: Preventing Asset Thaw
Teneo is not playing games. Their court order is like a financial freeze preventing the founder and Kelly Chen from doing anything suspicious with those assets. It’s as if we’re telling them, “Get out of crypto! “We are watching.” 🕵️♂️
Even Singapore has joined the cryptocurrency freeze party with a domestic freeze order for assets stored there. During an uptrend, freezes seem to spread faster than FOMO! 🏂❄️
Final Showdown: Liquidators vs. Crypto Titans
In one corner is liquidator Teneo, demanding $1.3 billion to repair the cryptocurrency titanic. In another corner, the founder and Kelly Chen are trying to keep their assets from turning into financial popsicles. It’s a showdown for the ages! 🥊💰
Conclusion: Cryptocurrency Cold War and Ice Liquidation
And there you have it, cryptocurrency enthusiasts! A chilly courtroom story about assets being shut down, the drama is colder than a winter night. Stay tuned for more frozen cryptocurrency stories and remember that things can get frozen in the cryptocurrency world too! ❄️💻
Until next time, keep your wallet warm and your crypto cooler than the other side of your pillow. Derzish out! ✌️ ✌️