By The Numbers: Breaking Down The $3.5B 3AC Owes To Creditors


Three Arrows Capital (3AC) had been the largest crypto fund in the space before its eventual crash back in July. The fund, which supposedly held billions in assets, had been revealed to be in massive debt and, as a result, had to be liquidated. This single event had been one of the biggest catalysts for the plunge into the crypto bear. As the liquidation proceedings have continued, the total extent of 3AC’s debt has been revealed, and it is immense.

The Two Largest Lenders

A 1,157-page legal document was recently revealed that carried all of the claims against Three Arrows Capital. According to the document, 3AC had borrowed a lot of money from two lenders in particular. These two lenders made up more than 90% of the total $3.5 billion debt that saw the hedge fund go underwater.

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The largest of the lenders was Genesis Asia Pacific Pie Ltd. Filings show that this company alone had lent 3AC $2.36 billion. It is the largest claim in the liquidation and surpasses any other lender by a very wide margin.

The second-largest lender was listed as Voyager Digital LLC, whose claim against the firm had come out to $685.5 million. Interestingly, Voyager Digital had also filed for bankruptcy as the bear market raged on, causing users to be unable to access their funds deposited on the platform.

Three Arrows Capital (3AC)

3AC owes $3.5 billion | Source: Arcane Research

These two companies led the pack of claimants, making up the vast majority. However, it does not diminish the fact that 3AC was indebted to a lot of companies, albeit to a lesser degree.

Smaller 3AC Creditors

Among the list of creditors in the 3AC creditors, the prominent ones came out to a total of 20, according to the legal document. Among these were some well-known names and some others who are not as popular. Equities First Holdings LLC is listed as having loaned out $162.06 million to the firm. 

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A notable name on the list was Celsius Network, which is currently battling its own insolvency issues. The document highlights that Celsius had loaned $75.47 million to 3AC.

Crypto total market cap chart from TradingView.com

Crypto total market cap reclaims $1 trillion | Source: Crypto Total Market Cap on TradingView.com

Others who had loaned money to the hedge fund include FalconX Ltd ($65.47 million), DRB Panama Inc. ($51.1 million), CoinList Services LLC ($35 million), Ashla International Inc. ($21 million), Arrakis Capital Etc ($20 million), Moonrise One Ltd ($17 million), Singapore Bitget Pie Ltd ($16.32 million), Mirana Corp ($13.06 million), Plutus Lending LLC ($10 million), Moonbeam Foundation Ltd ($9.46 million), PureStake Ltd ($8 million), SBI Crypto Co Ltd ($7.41 million, (Tower Square Capital Limited ($4.63 million), Banton Overseas Limited ($3.88 million), and LuneX Ventures LP ($1.94 million).

Su Zhu is also reported to be filing a $5 million claim against his own failed hedge fund.

Featured image from Coingape, charts from Arcane Research and TradingView.com

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