NEW YORK (BLOOMBERG) – Liquidators overseeing the winding down of Three Arrows Capital have so far gained control of assets worth at least US$40 million (S$55.6 million), or just a tiny fraction of what the Singapore-based crypto hedge fund’s creditors say they are owed.

The fund’s assets mainly consist of bank accounts, cryptocurrencies, non-fungible tokens and stakes in digital asset firms, a British Virgin Islands-based liquidator from advisory firm Teneo said in bankruptcy court filings in the United States.

The liquidators believe Three Arrows founders Kyle Davies and Zhu Su are still in possession or control of “certain digital assets and bank accounts”, Teneo’s Mr Russell Crumpler said in a sworn declaration on Wednesday (July 20).

Since July 1, the liquidators have sent requests for information to about 40 parties that Three Arrows may have invested in as well as around 30 banks and exchanges, Mr Crumpler said. Some parties have reached out directly regarding Three Arrows’ investments, he said.

Three Arrows creditors, including Voyager Digital and Digital Currency Group, have begun engaging with the liquidators.

Creditors have already filed paperwork indicating they are owed more than US$2.8 billion in unsecured claims, a figure expected to rise significantly, court papers show.

Advocatus Law LLP, the Singapore-based law firm representing the fund’s founders, did not immediately respond to a request for comment outside normal business hours on Thursday.