The firm, which oversaw the liquidation of crypto hedge fund Three Arrows Capital (3AC), took control of nearly $36 million in assets.
In the crypto industry, turbulent times and subsequent bankruptcy processes have been sensationalized. Many institutional crypto companies have been unable to maintain continuity due to asset and liquidity issues. This situation, which took place with the domino effect, progressed in parallel with the Terra and FTX collapses. Celsius and 3AC were crypto organizations that went bankrupt in the past. Recently, BlockFi went bankrupt along with FTX bankruptcy. After all these processes, court and investor protection works took place. Especially 3AC processes have been going on for months. Lastly, Teneo company, which oversaw the 3AC liquidation, took a step that could advance the case.
Teneo Takes Steps in Three Arrows Capital Liquidation Process
Teneo, who performed an independent audit during the liquidation process of Three Arrows Capital (3AC), recovered $35.6 million in assets from the bankrupt company.
Teneo has indicated to the New York Southern Bankruptcy Court that crypto assets can be liquidated. Among the statements made was that the liquidators had control of a total of $35.6 million in fiat currencies held by the bankrupt company.
As part of the process, Teneo took control of 3AC company Starkware tokens. In the past, 3AC participated in Starkware’s investment rounds and made strong investments.
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