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3AC

By The Numbers: Breaking Down The $3.5B 3AC Owes To Creditors

Best Owie
by Best Owie
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Three Arrows Capital (3AC) had been the largest crypto fund in the space before its eventual crash back in July. The fund, which supposedly held billions in assets, had been revealed to be in massive debt and, as a result, had to be liquidated. This single event had been one of the biggest catalysts for the plunge into the crypto bear. As the liquidation proceedings have continued, the total extent of 3AC’s debt has been revealed, and it is immense.

The Two Largest Lenders

A 1,157-page legal document was recently revealed that carried all of the claims against Three Arrows Capital. According to the document, 3AC had borrowed a lot of money from two lenders in particular. These two lenders made up more than 90% of the total $3.5 billion debt that saw the hedge fund go underwater.

Related Reading | DeFi Tokens Are The Winners Of The Recovery Trend With Double-Digit Gains

The largest of the lenders was Genesis Asia Pacific Pie Ltd. Filings show that this company alone had lent 3AC $2.36 billion. It is the largest claim in the liquidation and surpasses any other lender by a very wide margin.

The second-largest lender was listed as Voyager Digital LLC, whose claim against the firm had come out to $685.5 million. Interestingly, Voyager Digital had also filed for bankruptcy as the bear market raged on, causing users to be unable to access their funds deposited on the platform.

Three Arrows Capital (3AC)

3AC owes $3.5 billion | Source: Arcane Research

These two companies led the pack of claimants, making up the vast majority. However, it does not diminish the fact that 3AC was indebted to a lot of companies, albeit to a lesser degree.

Smaller 3AC Creditors

Among the list of creditors in the 3AC creditors, the prominent ones came out to a total of 20, according to the legal document. Among these were some well-known names and some others who are not as popular. Equities First Holdings LLC is listed as having loaned out $162.06 million to the firm. 

Related Reading | Binance Bitcoin Holdings Flips Coinbase Amid Insolvency Rumors

A notable name on the list was Celsius Network, which is currently battling its own insolvency issues. The document highlights that Celsius had loaned $75.47 million to 3AC.

Crypto total market cap chart from TradingView.com

Crypto total market cap reclaims $1 trillion | Source: Crypto Total Market Cap on TradingView.com

Others who had loaned money to the hedge fund include FalconX Ltd ($65.47 million), DRB Panama Inc. ($51.1 million), CoinList Services LLC ($35 million), Ashla International Inc. ($21 million), Arrakis Capital Etc ($20 million), Moonrise One Ltd ($17 million), Singapore Bitget Pie Ltd ($16.32 million), Mirana Corp ($13.06 million), Plutus Lending LLC ($10 million), Moonbeam Foundation Ltd ($9.46 million), PureStake Ltd ($8 million), SBI Crypto Co Ltd ($7.41 million, (Tower Square Capital Limited ($4.63 million), Banton Overseas Limited ($3.88 million), and LuneX Ventures LP ($1.94 million).

Su Zhu is also reported to be filing a $5 million claim against his own failed hedge fund.

Featured image from Coingape, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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