City Arrow Financial News

Recent information disclosed by Sotheby's auction house reveals that the digital collectibles owned by Three Arrows Capital (3AC) were sold for a total of $10.9 million in a New York auction held on June 15.

Amid the ongoing legal proceedings surrounding the collapse of Singaporean crypto hedge fund Three Arrows Capital (3AC), the co-founder Kyle Davies is facing potential contempt of court charges. 

Cryptocurrency brokerage Voyager Digital is preparing to reopen its app and allow customers to finally withdraw their funds — nearly one year after it filed for Chapter 11 bankruptcy.

Sotheby’s auction house has sold a piece of digital artwork from the collection of collapsed crypto hedge fund Three Arrows Capital (3AC) for more than $6 million.

Three Arrows Capital (3AC) co-founder Kyle Davies should be held in contempt of court for ignoring a subpoena connected to bankruptcy proceedings, June 14 court filings from 3AC's creditor council show. According to 3AC's creditor counsel, Davies is purposely delaying asset recovery from the former crypto hedge fund.

The founders of collapsed cryptocurrency hedge fund, Three Arrows Capital, have been living the high life in Bali after their company's failure last year. 

Though it is beginning to recede in memory, the bear market of 2022 dealt a major blow to public confidence in blockchain technology’s potential for practical use and mass adoption. The collapse of blockchain platform, Terra, and the dissolution of crypto hedge fund, Three Arrows Capital and global exchange, FTX, damaged the financial well-being and reputation of the entire ecosystem. 

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Bitcoin’s price declined 5% in one hour on June 5 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance on allegations of violating federal securities laws. Even though the $25,500 support held for Bitcoin, investors are still digesting the potential impacts of the regulatory action, which also involves Binance CEO Changpeng “CZ” Zhao.

Venture capital firm the Digital Currency Group (DCG) and its CEO Barry Silbert have requested to consolidate two class-action lawsuits over alleged losses during the crypto winter.

TradeBlock, which was acquired by DCG's CoinDesk in 2020 before being spun out, will be closed own at the end of May.DCG posted a $1.1 billion loss for 2022 as it faced up to the crypto winter and specifically the collapse of Three Arrows Capital, for which it was the largest creditor.The group's broker unit Genesis also went bankrupt listing debts of around $3.5 billion.

TradeBlock, an institutional investor focused subsidiary of Barry Silbert’s crypto conglomerate Digital Currency Group, is closing down, according to Bloomberg News. 

Arrows Capital sold for about $2.5 million. Of the tokens, «Fidenza #725,» an image with graphic dashes and curves in a muted palette of cream, yellow, pink and black, fetched the highest price at over $1 million. Three Arrows Capital purchased it for 135 ether in 2021, equal to about $341,786 at the time, according to DappRadar. The auction was part of liquidating Three Arrows, according to a February memo from Teneo, one of the court-appointed liquidators. Singapore-based Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD. It filed for bankruptcy in the British Virgin Islands in late June 2022.

The auction for parts of bankrupt Singaporean cryptocurrency hedge fund Three Arrows Capital’s (3AC) nonfungible tokens (NFT) collection fetched $2.5 million at its conclusion on May 19.

Crypto lender Voyager Digital said Wednesday that customers will soon recover about 35% of their cryptocurrency deposits as the company winds down operations after a failed buyout attempt by crypto exchange Binance.US. U.S. Bankruptcy Judge Michael Wiles approved Voyager's liquidation plan at a court hearing in Manhattan, allowing the company to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11. Customers may be able to make withdrawals by June 1, Voyager's official creditors committee said. Any distribution beyond the initial 35% would depend on the result of future litigation. Voyager filed for bankruptcy protection in July, citing volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital (3AC).

The Miami International Securities Exchange (MIAX), owned by Miami International Holdings, has completed the acquisition of LedgerX, which was one of the FTX assets court-approved for sale in January. LedgerX is an exchange and clearinghouse regulated by the United States Commodity Futures Trading Commission (CFTC). 

The rise of liquidation of industry-leading cryptocurrency platforms and institutions is set to be a recurring negative trend, with Voyager and Bittrexr being the latest addition.

Bankruptcy crypto lender Voyager Digital said customers will soon recover 35 percent of their cryptocurrency deposits, following a rocky road over the past few months of multiple failed buyouts.

The price of Bitcoin has experienced a notable spike of 2% from its recent bottom, leading to speculation about the optimal time to buy the cryptocurrency. 

The 2022 crypto bank runs — caused by the failure of multiple ecosystem giants — have had a lasting impact on the crypto industry. A new research report from the Federal Reserve Bank of Chicago (FRBC) has identified several key factors and catalysts that accelerated last year’s crypto crisis.

A Singapore court has granted the restraining order request by Three Arrows Capital (3AC) co-founder Su Zhu against BitMEX co-founder Arthur Hayes.