3AC asks court to fine Kyle Davies $10K a day until he answers subpoena
A New York court has been told to impose a $10,000-per-day fine on Three Arrows Capital (3AC) founder Kyle Davies after he once again failed to respond to a subpoena to address the circumstances surrounding the Singapore-based crypto hedge fund’s collapse. As reported by CoinDesk, documents filed by 3AC’s estate on Wednesday also demand that Davies be found in contempt of court for not responding to the subpoena which was issued in March and gave him an April 13 deadline. 3AC collapsed in spectacular fashion when a British Virgin Islands court ordered its liquidation in June last year . 3AC founders could be in contempt if they ignore new court order Read more: Kyle Davies has time to launch Crypto exchange but not to answer court s At its peak, the company managed somewhere in the region of $18 billion. However, its managers bet big on LUNA, the token that backed the failed ‘algorithmic’ stablecoin, TerraUST. The fund also held significant amounts of poor-performing altcoi...