Why did 3 arrows capital file for bankruptcy in New York?

Embattled Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy in New York to protect its U.S. assets after a liquidation order in the British Virgin Islands. According to Bloomberg, the hedge fund representatives filed the bankruptcy petition on Friday.

Who are three arrows Capital's Founders?

The crypto hedge fund’s bankruptcy filing says one of its founders wanted a superyacht more impressive than those belonging to Singapore’s top billionaires. Kyle Davies and Zhu Su, the founders of Three Arrows Capital (3AC), are nowhere to be found, but the size of their firm’s gargantuan debt obligations have come into clearer view.

Why did Voyager digital liquidate three arrows capital?

The liquidation order comes after a high-profile notice of default: On Monday, crypto broker Voyager Digital announced that Three Arrows Capital had not made the required payments on a loan worth more than $665 million, paid partly in bitcoin.

Is three arrows' Chapter 15 filing tied to foreign proceedings?

Chapter 15 filings are generally tied to foreign proceedings. A court in the British Virgin Islands previously ordered Three Arrows' local branch to enter into liquidation, indicating that Friday's filing is likely tied to this. U.S.-based firm Teneo Restructuring has been tapped to oversee the liquidations.