WongPartnership and Ogier are representing liquidators Teneo in the bankruptcy proceedings of Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC), with Latham & Watkins advising the hedge fund in the U.S.

This is a latest sign of the market downturn hurting the crypto industry, Reuters reported. 3AC is one of the higher profile crypto investors to have run into difficulties following the sharp sell-off in the market for digital currencies seen in recent months, Reuters added.

After a court in the British Virgin Islands (BVI) appointed New York-based financial advisory firm Teneo to handle the liquidation of 3AC, Teneo asked the Singapore legal system to recognize its BVI liquidation proceedings. 3AC had filed for bankruptcy to the High Court of Singapore in a bid to protect its assets from creditors in the city state.

The Ogier team is led by partners Justin Davis and Grant Carroll, while the Latham team is led by partner Adam Goldberg. The WongP team is led by partners Manoj Pillay Sandrasegara, Lionel Leo and Daniel Liu.