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Algorand, Galaxy Digital Among Creditors In Zhu Su’s Claim

Cryptocurrency Jul 18, 2022 08:00AM ET
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© Reuters. Algorand, Galaxy Digital Among Creditors In Zhu Su’s Claim
 
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  • It has been revealed that Algorand and Galaxy Digital are among the creditors Zhu Su filed a claim against.
  • 3AC’s first creditors meeting is scheduled to take place today, July 18.
  • 3AC failed to repay the $600 million debt it owes Voyager.

Creditor and Twitter (NYSE:TWTR) User ‘Soldman Gachs’ (@DrSoldmanGachs) on Twitter said that Three Arrows Capital (3AC)’s Zhu Su has submitted a claim for the amount of $5 million on the list of creditors maintained by 3AC.

ThreeAC Limited has submitted a claim for the amount of $25 million, and the other main creditors, including Galaxy Digital, Voyager, Algorand, DeFiance, Celsius, BlockFi, and several others. There is a total of $2.8 billion worth of claims.

According to a Twitter thread by Soldman Gachs, who is a creditor to 3AC, the first meeting of the creditors of the cryptocurrency hedge fund is expected to take place today July 18. The agenda for the meeting, which will be discussed later, is not quite certain as of yet.

Nevertheless, according to one source 3AC’s court-appointed liquidator, Teneo, has the potential to establish a creditor board that will represent 3AC’s creditors.

The failure of the crypto hedge fund caused instability in a number of other cryptocurrency firms, including those with whom 3AC had tight financial links.

The cryptocurrency broker Voyager Digital in New York, which provided 3AC with a loan of $675 million, saw 3AC fail on paying the debt last month.

Zhu Su recently resumed his engagement on Twitter after a period of silence lasting many weeks. In his most recent post, he made a cryptic suggestion that the liquidators baited the company.

It should come as no surprise that Zhu did not spend any time explaining how he and his colleagues pushed the firm into the ground, nor did he discuss the debt that the company owed to Voyager Digital that it failed to pay.

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Algorand, Galaxy Digital Among Creditors In Zhu Su’s Claim
 

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