Three Arrows liquidators said to receive Singapore recognition to probe fund's assets

Liquidators of troubled crypto hedge fund Three Arrows Capital, otherwise known as 3AC, have secured a court decision in Singapore that will allow them to examine the fund's local assets, Bloomberg reported Wednesday, citing people familiar with the matter.The Singapore High Court on August 22 had granted a petition by Teneo, an advisory firm recently appointed by a court in the British Virgin Islands to liquidate Three Arrows, to legally recognize the liquidation order in Singapore, the people told Bloomberg.The recognition enables Teneo to request access to any of 3AC's financial records held locally, including bank accounts, properties and stakes in companies, the people added.The collapse of 3AC, which filed for Chapter 15 bankruptcy in July, came after the multi-billion dollar meltdown of algorithmic stablecoin TerraUST (UST-USD) against a backdrop of tanking crypto prices, which fueled a round of liquidations at the fund. It now owes nearly $2.4B in undercollateralized loans to Genesis Asia Pacific, a unit of crypto lender Genesis, on top of additional funds to other creditors such as Voyager Digital (OTCPK:VYGVQ).In mid-July, Three Arrows Capital liquidators sought to preserve hedge fund's Singapore assets.