3AC liquidators file $1.3B claim against Terraform Labs

Cointelegraph · 2024-08-13T10:28:50.000Z

Liquidators of the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC) are seeking damages from the bankrupt crypto firm Terraform Labs for the losses it suffered following the collapse of the Terra ecosystem in May 2022. 3AC liquidators filed a $1.3 billion claim in the Terraform Labs’ bankruptcy in Delaware federal court on Aug. 9, according to a legal news service Law360 report. In a proof of claim form, 3AC liquidators alleged that Terraform Labs misled the Singaporean hedge fund about the stability of tokens in the Terra ecosystem, including Terra’s algorithmic stablecoin TerraUSD (UST) and the UST-tied token Terra Luna (LUNA). Terraform Labs accused of providing misleading info about UST and Luna The liquidators, represented by Russell Crumpler and Christopher Farmer of Teneo Holding, argued that Terraform Labs advertised the tokens “in a manner that artificially inflated the price for the assets.” Those misrepresentations and omissions induced 3AC to invest heavily in Terra just a few months after UST depegged from the dollar, causing a massive crash in the Terra ecosystem that impacted a lot of cryptocurrency firms. As such, 3AC liquidators seek damages caused by its direct purchases of UST and Luna and associated damages from the “complete loss of value of 3AC’s cryptocurrency investments caused by the collapse of LUNA and UST.” The new claim by 3AC liquidators comes a few months after Terraform Labs co-founder Do Kwon was found liable for defrauding investors in a civil case with the United States Securities and Exchange Commission in April 2024. Previously, Kwon was released from prison in Montenegro on extradition requests from the United States and South Korea. 3AC is going through bankruptcy Founded in 2012 by Columbia University alumni Su Zhu and Kyle Davies, 3AC was one of the world’s biggest crypto hedge funds, handling up to $18 billion in assets under management at its peak. Just a few months after Terra crashed, 3AC failed to meet margin calls from its lenders and filed for bankruptcy in late 2022. The company is currently proceeding with insolvency proceedings in the British Virgin Islands. Last year, a court in the British Virgin Islands reportedly banned 3AC co-founders Zhu and Davies from transferring or selling assets worth up to $1.1 billion. 3AC’s liquidator, Teneo, estimated that 3AC creditors were owed roughly $3.3 billion following its collapse in 2022. Magazine: How Chinese traders and miners get around China’s crypto ban

破產的加密貨幣對衝基金 Three Arrows Capital (3AC) 的清算人正在向破產的加密貨幣公司 Terraform Labs 尋求賠償，以彌補其在 2022 年 5 月 Terra 生態系統崩潰後遭受的損失。
據法律新聞服務 Law360 報道，3AC 清算人於 8 月 9 日在特拉華州聯邦法院對 Terraform Labs 破產案提出了 13 億美元的索賠。
在一份索賠證明表中，3AC 清算人聲稱 Terraform Labs 誤導了新加坡對衝基金有關 Terra 生態系統中代幣的穩定性，包括 Terra 的算法穩定幣 TerraUSD (UST) 和與 UST 掛鉤的代幣 Terra Luna (LUNA)。
Terraform Labs 被指控提供有關 UST 和 Luna 的誤導性信息
清算人代表是 Teneo Holding 的 Russell Crumpler 和 Christopher Farmer，他們辯稱 Terraform Labs “以一種人爲擡高資產價格的方式”宣傳代幣。
這些虛假陳述和遺漏導致 3AC 在 UST 脫鉤幾個月後就對 Terra 進行了大舉投資，從而導致 Terra 生態系統嚴重崩潰，影響了許多加密貨幣公司。
因此，3AC 清算人尋求因其直接購買 UST 和 Luna 而造成的損失以及因“LUNA 和 UST 崩潰導致 3AC 加密貨幣投資價值徹底損失”而造成的相關損失。
3AC 清算人提出新索賠的幾個月前，Terraform Labs 聯合創始人 Do Kwon 於 2024 年 4 月在與美國證券交易委員會的一起民事案件中被判定犯有欺詐投資者罪。
此前，權某根據美國和韓國的引渡請求從黑山監獄獲釋。
3AC 正在申請破產
3AC 由哥倫比亞大學校友 Su Zhu 和 Kyle Davies 於 2012 年創立，是全球最大的加密對衝基金之一，巔峯時期管理的資產高達 180 億美元。
就在 Terra 崩盤幾個月後，3AC 未能滿足債權人的追加保證金要求，並於 2022 年底申請破產。該公司目前正在英屬維爾京羣島進行破產程序。
據報道，去年，英屬維爾京羣島一家法院禁止 3AC 聯合創始人朱和戴維斯轉讓或出售價值高達 11 億美元的資產。3AC 的清算人 Teneo 估計，3AC 債權人在 2022 年倒閉後欠債約 33 億美元。
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