(Bloomberg) -- The founders of bankrupt crypto hedge fund Three Arrows Capital haven’t been cooperating in the firm’s liquidation process and their whereabouts were unknown as of Friday, according to court papers. 

Representatives tapped to liquidate Three Arrows by a British Virgin Islands judge had “not yet received any meaningful cooperation” from Kyle Davies and Zhu Su, lawyers said in US bankruptcy court filings. Advisory firm Teneo is attempting to round up and preserve the assets of the hedge fund. 

A court hearing is set for Tuesday. The liquidators, meanwhile, are trying prevent the potential “dissipation” of the fund’s assets, Russell Crumpler of Teneo said in a sworn declaration.

“Here, that risk is heightened because a substantial portion of the Debtor’s assets are comprised of cash and digital assets, such as cryptocurrencies and non-fungible tokens, that are readily transferable,” lawyers for the liquidators said in court papers.

The founders have provided a spreadsheet with details of the company’s assets to the liquidators, according to a post from Zhu’s verified Twitter account on Tuesday. They will continue working to find details of other assets, but are displeased with the behavior of the liquidators, according to the post. 

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Empty Office

Three Arrows, which Zhu and Davies founded after trading at Credit Suisse Group AG, succumbed to the widespread crypto selloff last month. Insolvency proceedings kicked off in the BVI and were followed by a so-called Chapter 15 bankruptcy filing in the US. The fund’s downfall has rippled through the digital asset industry, helping to drive at least one crypto platform that counted Three Arrows as a counterparty into bankruptcy already. 

The hedge fund’s liquidators traveled to Three Arrows’ office address in Singapore in late June in an attempt to track down the founders, according to court papers. It appeared dormant: the door was locked, computers were inactive and mail was stuffed under the door. People working in the surrounding offices said they hadn’t seen anyone enter or exit the office recently. 

The liquidators spoke with lawyers for Davies and Zhu via videoconference last week, according to court papers, but did not speak to the founders directly. 

“While persons identifying themselves as “Su Zhu” and “Kyle” were present on the Zoom call, their video was turned off and they were on mute at all times with neither of them speaking despite questions being posed to them directly,” Teneo’s Crumpler said in his court declaration. 

Advocatus Law LLP, the Singapore-based law firm that spoke with Three Arrows’ liquidators on behalf of the fund’s founders, didn’t immediately respond to a request for comment outside of normal business hours on Monday. 

The case is Three Arrows Capital Ltd and Russell Crumpler, 22-10920, U.S. Bankruptcy Court for the Southern District of New York (Manhattan).

(Updates story originally published Monday with details from co-founder’s Tweet beginning in paragraph five.)

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