Ever since all standard methods of contacting the founders of the insolvent crypto hedge fund 3AC, Teneo, the foreign representative, has asked for permission to serve a subpoena using other alternative means.
3AC Founders On The Run
The location of the founders of 3AC, Kyle Davies and Su Zhu, to date, remains still unknown. Some believe that they are on the run.
– Advertisement –
In a motion filed before the US Court, liquidators have sought permission to subpoena using other means. Teneo, further requests the permission of the US judge, in their Oct. 14 submission, to issue subpoenas through the founders’ Twitter Account.
Teneo representatives previously requested that the Singapore-based law firm, Advocatus Law, who claim to be representing the founders accept the subpoenas on behalf of the founders which they declined. The founders made themselves available on two occasions and for a small period of time.
The subpoenas would force the founders of 3AC to produce documents relating to their method of accessing and controlling the assets of the fund.
– Advertisement –
As per information received from Bloomberg, the U S regulators are initiating a thorough investigation of legal violations, by 3AC. The SEC and CFTC are trying to investigate if investors were misled about the financial health of their balance sheet by the Singapore-based Hedge Fund. And whether or not they had registered themselves before the appropriate Authorities. Both the founders since the filing for insolvency have been keeping and maintaining a low profile.
The hedge fund company, which once managed billions under its management went under after the market crash, earlier this year. Since then it has entered into chapter 15 bankruptcy proceedings in the Southern District Court of New York, a status that enables the protection of its US Based assets as it winds through bankruptcy proceedings in other countries.