Founders of Three Arrows Capital (3AC), a ‘crypto’ hedge fund, appeared to have gone missing after filing for bankruptcy.
According to the liquidators’ lawyers, co-founders Su Zhu and Kyle Davies’s physical whereabouts were unknown ahead of a hearing scheduled on Tuesday morning to discuss the action items for the liquidation process. This comes after creditors of 3AC have gone after the company to recover their assets.
Zhu resurfaced on Twitter the same day tweeting, “Our good faith to cooperate with the liquidators was met with baiting.” A document filed in court last week alleges that the founders have not started to cooperate in any meaningful manner with the liquidation process. The identity of liquidators remains anonymous after a court request.
Sadly, our good faith to cooperate with the Liquidators was met with baiting. Hope that they did exercise good faith wrt the StarkWare token warrants. pic.twitter.com/CF73xI8r6n
— Zhu Su 🔺 (@zhusu) July 12, 2022
The Singapore-based company founded in 2012 filed for Chapter 15 bankruptcy in New York after the collapse of the terraUSD (UST) stablecoin, which reportedly wiped out the firm’s assets.
As the industry continues to falter with companies either going bankrupt or shutting down, the U.S. Treasury has recently submitted a new regulatory framework to President Joe Biden.
This new framework outlines a multi-agency approach towards the international adoption of digital currencies. The guideline is the latest product of President Biden’s Executive Order on ‘Ensuring Responsible Development of Digital Assets’ signed in March this year, directing federal agencies to collaborate and examine the risks and benefits of digital assets.
As governments regulate the industry further, thousands of jobs in the space are generated.
Dunamu, Upbit’s digital currency exchange operator, is set to create 10,000 jobs for the next five years.
The South Korea based company plans to support 500 startups via incubators and operate consultation centers for those working on Web3.
“We plan to strengthen the competitiveness of domestic industry through an active investment and creation of jobs of the newly growing future industries, like blockchain, NFT and metaverse,” said CEO Sirgoo Lee in a statement.
American gaming venture capital firm Konvoy announced the launch of its investment fund, Konvoy Fund III with $150 million in capital. This will be used to invest in a plethora of platforms and technologies in the global gaming sector including the blockchain space, generating more jobs in the industry.
Virtual world platform Sandbox announced its collaboration with international lifestyle brand Playboy. The two companies will build the social game called the “Playboy MetaMansion,” where exclusive social gatherings and events will be held, and where NFTs can be collected.
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