According to documents filed by consulting firm Teneo, hedge fund Three Arrows Capital (3AC) owes $2.36 billion to crypto OTC platform Genesis.
The documents indicate Genesis was trying to recover part of the loan by launching arbitration proceedings against 3AC in June. Then representatives of the platform said the hedge fund violated “two loan agreements signed in January 2019 and January 2020.”
The Block has reported that Genesis suspended the AAA case after it became aware of Teneo’s involvement in the hedge fund’s insolvency case.
In a series of tweets posted on July 6, Genesis Trading CEO Michael Moreau acknowledged the OTC platform had liquidated Three Arrows Capital’s positions last month.
