Three Arrows Capital Founders may have spent $50 Million on a Yacht despite owing $3.5 Billion to 27 Firms

Three Arrows Capital has been in the headlines over the last month following the demise of Terra and the agitated struggles of the Celsius Network. 2022 has witnessed the struggles of crypto firms to stay put, with crypto lending platforms such as Celsius Network, Voyager, and Three Arrows Capital (3AC) all filing for bankruptcy.

The day has been quite busy for 3AC, as it began with Zhu Su’s filing for a $5 million claim suit against his own firm and the release of the court filings indicating some interesting facts. The document released by Teneo demonstrates that 3AC owed $2.36 billion to Genesis.

Another disclosure made by the 1,157-page document suggests that 3AC owes a whopping $3.5 billion to 27 additional crypto firms. The debts appear to be stacking up as new information has been disclosed one by one by the trustee assigned to oversee 3AC’s liquidation. Creditors of 3AC include DRB Panama, CoinList services, Celsius Network, FalconX, SBI Crypto, Equities First Holdings, Ashla International Inc., Tower Square Capital, PureStake, Moonbase One, and Moonbeam Foundation.

Also Read, Celsius Network halts withdrawals of users

Three Arrows founders may have bought a $50m Yacht with borrowed fund

The same court filing documents also note an earlier rumor that has been circulating about the founders of Three Arrows Capital. It was regarding the purchase of a $50 million yacht with borrowed funds.

Now the document discloses that Zhu Su and Kyle Davies have made the down payment for a $50 million yacht. The delivery of the yacht was supposed to happen in Italy in the next two months, where they are accountable to pay the rest of the amount. The document talks about the premise that the acquisition might have been made with borrowed funds. But the yacht dreams have slumped as the company filed for bankruptcy, flooding the entire firm in debt.

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