Teneo Transfers $12.73M to Binance Amid Three Arrows Capital Liquidation

Published: December 12, 2023 at 5:11 am Updated: December 12, 2023 at 5:11 am

Edited and fact-checked:
December 12, 2023 at 5:11 am

In Brief

Teneo transferred $12.73 million in DYDX tokens to Binance, amidst the ongoing liquidation of Three Arrows Capital (3AC).

Teneo Transfers $12.73m to Binance Amid Three Arrows Capital Liquidation

Teneo — the firm handling the liquidation of Three Arrows Capital (3AC), transferred approximately $12.73 million worth of DYDX tokens to the cryptocurrency exchange Binance. This move reflects Teneo’s active management of 3AC’s assets during the liquidation process.

Prior to this transaction, Teneo as 3AC’s liquidator, held a substantial position in DYDX, being the sixth-largest holder. Post-transfer, their holdings have reduced, but they still possess a considerable amount of DYDX tokens valued at around $29.80 million.

Three Arrows Capital, co-founded by Su Zhu, faced bankruptcy last year, leading to the involvement of Teneo for liquidation. Zhu was recently apprehended at Changi Airport in Singapore for not complying with an investigation order related to 3AC’s bankruptcy.

🚨🚨 @Teneo (#3AC Liquidator) deposited 4.45M $DYDX ($12.73M) to #Binance just now.

Notably, they were the 6th largest $DYDX holder before the deposit.

Now, the address still has 10.42M $DYDX ($29.80M) left.

👉 More details: https://t.co/y9ZuBe7Kne

Need the beta code? Join… pic.twitter.com/IfSX5o5b1h

— Spot On Chain (@spotonchain) December 12, 2023

Following his non-compliance with the investigation, Zhu faces a four-month prison sentence. This development marks a significant turn in the unraveling of 3AC’s complex bankruptcy case.

Kyle Davies, Zhu’s co-founder at 3AC, also has an arrest order but remains unlocated currently. This adds another layer of complexity to the ongoing legal and financial proceedings.

Teneo’s Financial Expertise

Teneo is known for advising corporations and financial stakeholders in various scenarios, including stressed assets —- and is tailoring its strategies to effectively manage 3AC’s liquidation. Their approach in handling this high-profile case reflects their adaptability and expertise in dealing with complex financial situations.

Teneo’s decision to move a substantial amount of DYDX tokens to Binance indicates a strategic approach to managing 3AC’s assets.

This could be part of a broader strategy to stabilize the fund’s finances, possibly preparing assets for sale or redistribution to creditors. The transfer also suggests Teneo’s active role in navigating the volatile cryptocurrency market, balancing the need to liquidate assets while aiming to maximize returns for creditors.

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About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master’s degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Nik Asti