Does 3AC have higher debts? Creditors' meeting states debt amount of 2.8 billion US dollars

Twitter user @DrSoldmanGachs, a self-identified creditor of ailing crypto hedge fund Three Arrows Capital (3AC), said the now-defunct company owes $2.8 billion in debt , according to a recent 3AC creditor meeting emerges. In addition, the amount of debt could be even higher, since many have either not filed their claims or have not disclosed their claims for confidentiality reasons.

As DrSoldmanGachs further explained, a creditors' committee was elected at the meeting, made up of Digital Currency Group, Voyager Digital, Blockchain Access Matrix Port Technologies and CoinList Lend. These five parties are entitled to about 80 percent of the total claims.

3AC assets are believed to consist of bank balances, direct crypto holdings, equity in projects, and non-fungible tokens. At the time of going to press, it is still unclear how much equity the fund still has. Last year, the hedge fund reportedly had $6 billion in assets and $3 billion in liabilities.

Through a series of highly leveraged bullish bets using borrowed money from major crypto institutions, 3AC became insolvent due to the ongoing crypto bear market. The founders are said to have fled and defaulted on the loans they left behind. This has led to a major contagion among the centralized financial firms that have lent money to 3AC.

After the collapse of the fund, there was no trace of the two co-founders of 3AC, Su Zhu and Kyle Davies. Su Zhu is said to have demanded $5 million from 3AC , while Chen Kaili Kelly, Kyle Davies' wife, is said to have demanded $66 million. However, these claims should be equity-like and subordinate to the distribution of the remaining assets to the creditors, if any.

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