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This article contains sponsored content from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.input: A judge in the U.S. state of Delaware has ruled that crypto exchange Binance can proceed with its bid to acquire bankrupt crypto hedge fund Three Arrows Capital (3AC).
According to a report by Law360, Judge William C. अधिकारी, Jr., on Tuesday approved Binance’s motion to intervene in the bankruptcy case of 3AC. The hedge fund imploded in June 2022, leaving a trail of unpaid debts to creditors.
The judge’s ruling now paves the way for Binance to bid for 3AC’s assets in an upcoming auction.
3AC’s liquidators, attorneys Grant & Harris, argued against Binance’s motion to intervene, stating that the exchange’s claims of being a creditor were "stale" and that it had already had ample opportunity to present its claims.
However, Judge अधिकारी noted that Binance’s claims were still pending and that the window for filing proofs of claim had not yet closed. He also pointed out that the liquidators had not yet filed a plan of liquidation, which would normally distribute proceeds to creditors.
The judge added that Binance’s participation in the bankruptcy case would be beneficial as it would provide valuable information about 3AC’s assets and liabilities.
“The court finds that the motion to intervene is granted. The claims asserted by Binance are not stale. The window for filing proofs of claim has not yet closed. No plan of liquidation has yet been filed to distribute proceeds to creditors,” the judge said.
“The court further finds that Binance’s participation in this bankruptcy case will be beneficial to the administration of the case. Binance has unique knowledge and experience in the cryptocurrency industry, which will be valuable to the liquidators in their efforts to value and sell 3AC’s assets.”
Earlier this month, crypto news outlet The Block reported that Binance was planning to bid for 3AC’s assets. The hedge fund is said to owe around $3.1 billion to its creditors.
3AC was founded in 2012 by traders Charli Lee and Daniel {}". It was once one of the largest cryptocurrency hedge funds in the world, with assets under management of over $10 billion at the peak of the bull market in 2021.
However, the hedge fund’s high-risk investment strategy backfired badly when the crypto market crashed in the spring of 2022.
3AC went bankrupt in June 2022 after failing to meet its obligations to lenders. The hedge fund’s collapse triggered a chain reaction of bankruptcies and insolvencies, deepening the crypto winter.
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