Evolves Tech is a web marketing agency that offers clients access to VC companies. Today, they are announcing their decision to drop Three Arrows Capital from their official partner list.
Three Arrows Capital is a Singapore-based partner company that went into liquidation and lost a significant amount of money in the process. Their liquidation was ordered in June 2022 by a court in the British Virgin Islands. This influenced the decision from Evolves Tech to drop them from the partner list and no longer offer projects to the company for funding. Evolves Tech’s digital marketing services include:
– Marketing strategy plans
– Audit solutions
– Influence marketing, social media marketing and more
An FSInsight report on the magnitude of the damage done by Three Arrows Capital within the industry states, “Last week, we noted that Three Arrows Capital (3AC), a prop shop headed by the once-beloved Su Zhu and Kyle Davies, was on the brink of exiting the industry…you know by now that this did indeed happen, and 3AC unleashed chaos of leverage unwinds on its way out the door.”
3AC (Three Arrows Capital) entering liquidation refers to its closing because of an inability to pay off its debts and meet other financial demands. The financial decisions of 3AC have resulted in negative outcomes for many high-profile companies, including Voyager Digital, Babel Finance and BlockFi.
3AC is a major cryptocurrency hedge fund. The recent slump in cryptocurrency prices resulted in billions of dollars being wiped from the digital market. This drop in value exposed the dire financial situation at 3AC, hurting their reputation and jeopardizing their ability to continue as a company.
A report from FSInsight speculates that Davies and Zhu were using borrowed funds as a means to pay back the interest on loans from lenders. At the same time, they were misrepresenting their books to suggest they had significant returns on investment capital.
On Monday, June 27, 2022, 3AC defaulted on a $350 million in the U.S. dollar-pegged stablecoin loan (as well as 15,250 bitcoin) from Voyager Digital. The issue was first raised by Voyager Digital, a crypto broker, earlier in June when they said they were considering sending 3AC a default notice regarding a loan worth hundreds of millions of dollars. 3AC had also taken a loan from BlockFi but was unable to meet the necessary margin call.
Evolves Tech seeks to protect the interest of its clients by only offering them access to reputable and reliable VC companies. Individuals, business owners, CEOs and anyone else in the blockchain and crypto sector can feel confident knowing that Evolves Tech will no longer partner with.
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