Embattled cryptocurrency hedge fund Three Arrows Capital has transferred tens of millions of dollars worth of Tether (USDT) and USD Coin (USDC) stablecoins to cryptocurrency exchange KuCoin, according to data provided by blockchain security company PeckShield.
The recent transfers come just days after 3AC filed for Chapter 15 bankruptcy protection.
The failed hedge fund was recently reprimanded by the Monetary Authority of Singapore (MAS), the country’s financial regulator for providing misleading information about the company’s assets. 3AC was also accused of failing to notify the MAS of changes in shareholding positions.
On June 29, a court based in the British Virgin Islands ordered the liquidation of 3AC.
The hedge fund was hit extremely hard by the implosion of the Terra ecosystem and the ensuing market collapse.