3AC Founders Spent Millions on Yachts & Houses Before Collapse

Transcript

00:00welcome back to decentralized news so a quick update on the three arrows capital saga it is

00:08now come out that these guys were actually using the funds assets to purchase items such as super

00:15yachts and bungalows etc and it is said that kyle davis uh was one of the guys wanted it to be

00:23larger than uh any yacht that's ever been owned by singapore's uh richest billionaire uh apparently

00:31having spent about 50 million dollars on a yacht 3ac traded cryptocurrencies instead of uh responding

00:39to margin calls from lenders according to a court document digital currency group which is the parent

00:46company of genesis who's one of the top creditors um the fund's top creditors with a claim of about a

00:54billion point two uh in an affidavit uh by liquidators uh which was published uh according to um uh you

01:05know just the details of this case and uh this restructuring uh it revealed uh details about

01:11obviously this uh hedge fund co-founders sue and kyle davis are said to have made a down payment on a

01:20on a yacht worth about 50 million and the yacht was meant to be delivered in italy somewhere within the

01:25next two months uh when the payment or the remaining payment would be due according to one of the

01:32affidavits uh put forth by blockchain.com which reportedly also lent about 270 million dollars to

01:41uh 3ac so davis is said to have intended that he had to be like one of the biggest the co-founders

01:49i believe to have made the payment using borrowed funds ignoring creditors attempts to contact them

01:54and the filing also shows that ju and his wife purchased two singapore uh good class uh bungalows uh or

02:02what they call prestigious housing for between 28 8.5 million to 48.8 million in the last two years

02:10alone so you can imagine the kind of uh games these guys were playing which is obviously kind of a

02:16cascading and impacted the real users in the crypto industry you know who are obviously unfortunate to

02:22have been uh customers of some of these uh companies that were affected by uh this uh uh three arrows uh

02:29capital uh fund and um obviously they say the founders are clearly um insolvent and uh yeah so this is a very

02:40interesting uh sort of turn and twist to um what's going on with these guys and uh liquidators also

02:46say that 3ac continued to trade cryptos instead of uh responding to uh margin calls from lenders like i

02:53said separately the fund is also is believed to have transferred 31 million in stable coin and another

03:00900 000 in usdc on the 14th of june to cayman island based companies taiping shan limited which is

03:10also owned by ju and kyle davis's partner kelly kylie chan so i mean a whole bunch of um

03:21craziness going on with these guys obviously um liquidators were also asked uh or asked for access

03:29to uh their office since uh creditors are pretty much uh looking to recoup their funds let me know

03:36what you think about uh what this um will end up like uh you know as far as the people that have

03:45monies in places we are three hours capital um we found lacking in terms of uh being able to supply

03:53that capital back um yeah like share subscribe turn on the notification bell boom i'll see you in the next

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