Terra’s Insolvency Process Has Led To Panic Selling

As disagreements over the Terra corporation allegations grew, 3AC subpoenas were issued.

Su Zhu and Kyle Davies were among the authorized former 3AC executives who were subject to a restriction order signed by the state justice officers presiding over 3AC company insolvency due process. 

The needed info

The founders must produce all tape-recorded info, reckoning ledgers, papers, reads and others referring to the company’s assets or Terra’s insolvency process has led to a panic selling situation, according to the subpoena.

Due to issues with excessive purchases and the demise of Terra/Luna corporation, yet named Terra Classic the infamous hedge fund, which peaked at a value of $10 billion, closed on July 1 with the moment of filing Chapter 15 bankruptcy. 

Along with a recursive stable token, previously named UST, the lawyer consultative company Teneo, was looking for the company’s assets and trying to identify the co-founders of 3AC.

The most recent order permitting the writs is going to need receivers to give in all kinds of business info and individual passwords for its electronic money and conventional possessions, information regarding the safeties and unlisted stock. Information regarding any wallets of clients held on the trading platform.

The target companies

Along with the aforementioned exchange company, investment funds and companies like DeFiance or Night corporation, which have been both backed by 3AC, and each of the companies they collaborated with, were named discovery targets. 

Anyone served with a subpoena must comply within 14 days. Since neither Zhu nor Davies’ whereabouts have been confirmed as of the time of writing, it is believed that Zhu is living in the capital of the UAE.

All authorities have participated in web news media conversations and offered comments on the cases related to the failure of Alameda research and FTX.

Terraform Labs was reportedly withdrawing millions of USTs (roughly 150 million) from 3Pool at the time, but the deeds of the mentioned exchanges over the course of the next period of time, according to a blog post by blockchain company Chainalysis from June. The recent lawsuits have led to panic selling as well.

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