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CRYPTO EXCHANGE COINFLEX WON’T LIFT WITHDRAWAL FREEZE YET, CEO SAYS





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 1. Home
 2. Industries
 3. Virtual Currencies
 4. The Wall Street Journal


THE WALL STREET JOURNAL




COURT ORDERS LIQUIDATION OF CRYPTO HEDGE FUND THREE ARROWS

Published: June 29, 2022 at 6:04 p.m. ET
By

SERENA NG

,

CAITLIN OSTROFF

,

VICKY GE HUANG

  comments


FUND HAS TAKEN HUGE LOSSES AS CRYPTO PRICES PLUNGED; TENEO EXECS TO OVERSEE
LIQUIDATION PROCESS

THREE ARROWS INVESTED IN CRYPTOCURRENCY LUNA, GRAYSCALE BITCOIN TRUST AND “LIDO
STAKED ETHER” TOKENS.

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A British Virgin Islands court ordered the liquidation of Three Arrows Capital
Ltd. after creditors sued the cryptocurrency hedge fund for failure to repay
debts.

Nichol Yeo, a partner at law firm Solitaire LLP, said Three Arrows Capital is
considering its options and seeking legal advice in the British Virgin Islands. 

Three Arrows Capital suffered losses in recent weeks due to a punishing decline
in the value of cryptocurrencies. Twin forces have hit the digital asset
ecosystem: a broad market selloff sparked by the Federal Reserve’s interest-rate
increases and concerns over individual crypto coins and firms. Bitcoin’s dollar
value has fallen by more than a third this month.


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Two executives from the global advisory firm Teneo were appointed by the British
Virgin Islands to oversee the liquidation of assets and safeguard them,
according to people familiar with the proceedings. The executives, senior
managing directors Russell Crumpler and Christopher Farmer, joined Teneo after
the company acquired financial firm KPMG’s Cayman and British Virgin Island’s
restructuring business in January, according to Teneo’s website.

Creditors to whom Three Arrows owes debts will be able to file their claims
online, the people said. The process for debtors to reclaim their assets is
likely to be lengthy, they said, noting the liquidation order would mark the
start of that process.

An expanded version of this report appears on WSJ.com.

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AMAZON STOCK FALLS AGAIN AFTER PRICE TARGET CUT BY 20% AT UBS

Shares of Amazon.com Inc. undefined slumped 4.8% in afternoon trading Tuesday,
adding to Monday's 2.8% drop, after UBS analyst Lloyd Walmsley cut his stock
price target to $167 from $209, citing "some risks" to the ecommerce and cloud
giant's financial outlook depending no the macroeconomic environment. Walmsley
lowered his revenue estimate for 2022 to $523.2 billion from $526.7 billion and
for 2023 to $598.7 billion from $615.9 billion. Walmsley kept his rating at buy,
however, as his lowered price target still implied about 43% upside from current
levels, and his longer-term outlook remained upbeat. "We see risk to the
consensus revenue and operating income outlook near term, through for investors
with longer-term time horizons, we think the current risk/reward looks
compelling," Walmsley wrote in a note to clients. "We do see margins improving
in 2023 as the company cuts fulfillment and logistics capacity, sees COVID costs
continue to come out of the P&L [profit-and-loss], benefits from a full year of
the Prime price hikes and the fuel surcharges." Amazon's stock has tumbled 35.4%
year to date, while the S&P 500 undefined has dropped 19.4%.


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