Court documents reveal that Three Arrows Capital (3AC) is owing $3.5 billion to 27 different companies.
The companies includes Blockchain.com, Voyager Digital, and lender Genesis Global Trading.
The documents were filed July 7 and made public Monday by Teneo, the firm hired to oversee 3AC’s liquidation.
3AC failed to repay loans and missed multiple margin calls with lenders, according to the filings.
3AC owes Genesis, a company under Digital Currency group, the most.
It passed the now-insolvent firm $2.36 billion in a loan that was under-collateralized and had a margin requirement of 80%, according to the court documents.
In an affidavit filed June 26, Blockchain.com’s Chief Strategy Officer Charles McGarraugh also revealed that 3AC co-founder Kyle Davies told him on June 13 that Davies tried to borrow another 5,000 Bitcoin from Genesis, which at that time had a value of about $125 million, “to pay a margin call to another lender.”
Furthermore, the filings detail the various real estate investments held under the names of 3AC co-founder Su Zhu’s child and wife, such as two residences in Singapore worth $48.8 million and $28.5 million.
3AC’s troubles started when Do Kwon’s infamous Terra blockchain crashed, which has since caused a chain reaction of liquidations, bankruptcies, and financial troubles across the crypto industry.
3AC lost roughly $200 million when UST destabilized from its $1 peg and caused LUNA to crater in value back in May.