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Crypto fund Mirana Ventures has taken Three Arrows Capital (3AC) to court in Singapore over a loan it extended to the beleaguered crypto hedge fund and one of its subsidiaries.
Mirana Ventures, the venture partner of cryptocurrency exchange Bybit and BitDAO – one of the world’s largest decentralized autonomous organizations (DAOs) – is claiming US$13 million in relation to an 8.5% interest rate loan agreement. The lawsuit is the first known court case initiated in Singapore against 3AC after it failed to make repayments on its loans.
Earlier this week 3AC filed for bankruptcy in the US. Last week, the firm was reprimanded by the Monetary Authority of Singapore (MAS) for providing false information and for managing more assets than it was allowed to under Singapore’s rules.
Read more: 3AC Enters Liquidation – What Happens Next?
Both Blockchain.com and Deribit have also confirmed that they are among creditors who sought for the liquidation of 3AC at a court in the British Virgian Islands. The court has since made the liquidation order last Monday.
A recent report by Coindesk revealed that 3AC also operated an over-the-counter trading desk called Tai Ping Shan (TPS) Capital that has continued to make trades despite its parent company facing liquidation and legal troubles
According to corporate filings, TPS Capital has a different ownership structure and hidden directors, which means that its legal separation from 3AC might complicate creditors’ efforts to collect payouts.
Rumours have also emerged that 3AC founder Su Zhu is attempting to sell his US$35 million good class bungalow (GCB) – what Singapore categorizes as high-end premium landed property – in the city-state.