3AC established a company to purchase a yacht, naming it "Much Wow"! However, they couldn't pay the final installment and it has been resold.

It has been 5 months since the self-initiated bankruptcy of 3AC, and although the liquidation process has made some progress, it is still moving too slowly. Recently, it was reported that the luxury yacht previously purchased by 3AC has been resold, with the liquidator demanding a claim of 30 million US dollars.

Controlled 3AC Assets, but Liquidation Process Complicated

According to a report by Bloomberg, professionals managing the bankruptcy of the cryptocurrency hedge fund 3AC have stated that they currently have control over more than $35 million in hard currency, seized over 60 different digital currencies, and are seeking $30 million from the sale of the luxury yacht "Much Wow."

Additionally, according to reports from the bankruptcy court, the liquidation process has become more complicated due to the lack of cooperation from 3AC founders Su Zhu and Kyle Davies. Advisors of 3AC have only had two real-time meetings with the two founders, both conducted via video conferencing. The report speculates that the two founders may currently be in Bali or the United Arab Emirates.

Lawyer Adam Goldberg is currently summoning the two individuals through Twitter, but U.S. bankruptcy judge Martin Glenn is concerned about the effectiveness of this summoning method, as the nationality of the two individuals cannot be confirmed.

Adam Goldberg also stated that the two founders not only failed to fulfill their obligation to assist creditors in recovering their claims totaling over $3 billion, but also hired cybersecurity experts before the collapse of 3AC to establish a secure communication method that could be deleted.

However, Su Zhu disagrees with the claims of non-cooperation in the liquidation process. Su Zhu stated over the phone that he has been collaborating with Kyle Davies, providing legal Saft token agreements, contract details, a complete list of 3AC assets, and contact information for all service providers.

Money from Selling Luxury Yacht Should Come to Me

Regarding the purchase of the yacht by 3AC, the liquidators of 3AC stated that consultants found evidence of funds directly flowing out of 3AC to pay for the luxury yacht Much Wow. However, due to unpaid balances for the yacht, Much Wow has been resold.

Nevertheless, the company established to own this yacht, Much Wow Ltd., is currently undergoing bankruptcy proceedings in the Cayman Islands, and the proceeds from the sale of the ship will ultimately go to the aforementioned company. The liquidators of Three Arrows have filed a claim for $30 million in this case.