(Bloomberg) -- Liquidators overseeing the winding down of Three Arrows Capital have so far gained control of assets worth at least $40 million, or just a tiny fraction of what the crypto hedge fund’s creditors say they’re owed. 

The fund’s assets mainly consist of bank accounts, cryptocurrencies, nonfungible tokens and stakes in digital-asset firms, a British Virgin Islands-based liquidator from Teneo said in US bankruptcy court filings. The liquidators believe Kyle Davies and Zhu Su, Three Arrows’ founders, are still in possession or control of “certain digital assets and bank accounts,” Teneo’s Russell Crumpler said in a sworn declaration Wednesday. 

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, Crumpler said. Some parties have reached out directly regarding Three Arrows’ investments, he said. 

Three Arrows creditors including Voyager Digital LLC and Digital Currency Group Inc. have begun engaging with the liquidators. Creditors have already filed paperwork indicating they’re owed more than $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, didn’t immediately respond to a request for comment outside of normal business hours on Thursday. 

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

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