Troubled crypto hedge fund 3AC has transferred tens of millions of dollars into Kucoin
Troubled cryptocurrency hedge fund Three Arrows Capital has moved tens of millions of dollars worth of Tether (USDT) and USD Coin (USDC) stablecoins to cryptocurrency exchange KuCoin. data provided Blockchain security company PeckShield.
The recent transfer comes just days after the 3AC filed for Chapter 15 bankruptcy protection.
The failed hedge fund was recently reprimanded by the Monetary Authority of Singapore (MAS), the country’s financial regulator, for providing misleading information about the company’s assets. 3AC was also accused of failing to inform MAS about the change in shareholding position.One of the most prominent crypto hedge funds, which had over $10 billion in assets under management at its peak, became one of the biggest casualties of the market turmoil.
On 29 June, a court located in the British Virgin Islands ordered the liquidation of 3AC.
The hedge fund was hit hard by the collapse of the Terra ecosystem and the ensuing market collapse.