Three Arrows Capital’s liquidators have been granted jurisdiction in Singapore to request financial records the collapsed crypto hedge fund kept in the country according to a Bloomberg report on Friday.
On Monday, the Singapore High Court approved requests by advisory firm Teneo to recognize the liquidation in the country in order for it to locate Three Arrows Capital’s remaining assets, the report said, citing sources.
Teneo was appointed in June to liquidate the hedge fund by the British Virgin Islands.
The court approval now means that Teneo has the authority to demand access to any locally-kept financial records locally and establish links to assets in Singapore, such as bank accounts, nonfungible tokens, properties and digital currencies.
Three Arrows was founded in 2012 by Su Zhu and Kyle Davies. In May, it was ordered into liquidation after creditors sued the firm for failing to repay debts worth around £2.8 billion.
The fund filed for Chapter 15 bankruptcy in the U.S. in July. The hedge fund had been suffering at the time due to the collapse of the Terra stablecoin project on May which prompted a crash across the entire cryptocurrency sector.
The liquidators have since gained control of around $40 million in Three Arrows Capitals’s assets, but creditors are reportedly owed more than $2.8 billion, the majority of which, a sum of $2.4 billion, is owed to Digital Currency Group Inc.