Bankrupt crypto hedge fund Three Arrows Capital (3AC) estimated its assets to be worth around $1 billion in July, The Block reported, citing a document prepared by 3AC liquidator Teneo.

The document was sent to creditors Thursday and said the assets included $37 million in fiat money, tokens worth about $238 million, non-fungible tokens (NFT) worth around $22 million and venture and other investments valued at $502 million.

"Due to volatility in the crypto market generally, together with the substantial number of illiquid investments held by the company, it is presently uncertain what level of recoveries will be made during the course of the liquidation," Teneo wrote, according to the report.

The $1 billion in assets is dwarfed by Three Arrows Capital's liabilities, which stood at over $3 billion.

Teneo was appointed to handle the liquidation of 3AC by the High Court in the hedge fund's native Singapore, having been initially ordered in a British Virgin Islands court. Earlier this month Teneo seized $35.6 million from the firm's bank accounts to go with $2.8 million recovered from forced redemption of investments and an unspecified number of tokens and NFTs.

The collapse of 3AC following heavy losses amid declining cryptocurrency valuations was one of the focal points on the onset of the crypto winter in recent months. Since then a swathe of other prominent crypto firms have also filed for bankruptcy including crypto lenders Celsius Network and Voyager Digital and exchange FTX.

Teneo did not respond to CoinDesk's request for comment.

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