Teneo Moves $12.73 Million in Assets to Binance Amid the Liquidation of Three Arrows Capital

Teneo — the firm overseeing 3AC's liquidation, has executed a transfer of roughly $12.73 million in DYDX tokens to the Binance platform. This action underscores Teneo’s proactive management of 3AC's assets throughout the liquidation. Three Arrows Capital (3AC) Before this transaction, Teneo, acting as the liquidator, was the sixth-largest holder of DYDX tokens. After the transfer, their holdings have diminished but remain significant, estimated at around $29.80 million.

Three Arrows Capital, established by Su Zhu, declared bankruptcy last year, prompting Teneo's involvement as liquidator. Recently, Zhu was detained at Singapore's Changi Airport for disregarding a directive related to the investigation into 3AC’s bankruptcy proceedings.

Due to his non-compliance with the inquiry, Zhu is now facing a potential four-month prison sentence. This development significantly complicates the already intricate bankruptcy scenario surrounding 3AC.

🚨🚨 @Teneo ( #3AC Liquidator) deposited 4.45M $DYDX ($12.73M) to #Binance just now.

Notably, they were the 6th largest $DYDX holder before the deposit.

Now, the address still has 10.42M $DYDX ($29.80M) left.

👉 More details: https://t.co/y9ZuBe7Kne

Need the beta code? Join… pic.twitter.com/IfSX5o5b1h

— Spot On Chain (@spotonchain) December 12, 2023

Kyle Davies, Zhu's co-founder at 3AC, is also under a warrant for arrest but has yet to be located. This adds another layer of complexity to the unfolding legal and financial troubles.

Recognized for their expertise in guiding businesses and financial entities in challenging situations—especially regarding distressed assets—Teneo is adapting its strategies to effectively navigate the liquidation process for 3AC. Their approach indicates a high level of skill in managing complex financial scenarios.

Teneo’s Financial Expertise

Teneo’s choice to transfer a large volume of DYDX tokens to Binance signals a methodical approach to asset management during the liquidation of 3AC.

This step may be part of a larger strategy aimed at stabilizing the fund's financial state, possibly gearing up assets for sale or equitable distribution to creditors. The transfer further illustrates Teneo's active involvement in maneuvering through the ever-changing cryptocurrency landscape, weighing the necessity of asset liquidation against the goal of optimizing returns for creditors.

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