The top financial watchdog of the Asian city-state – the Monetary Authority of Singapore (MAS) – reportedly intends to implement additional regulatory steps in the cryptocurrency industry to create maximum protection for investors. The agency might launch consumer suitability tests and cut the use of leverage and credit facilities by retail investors for trading digital...Read More
Su Zhu – one of the Founders of the distressed crypto hedge fund Three Arrows Capital (3AC) – is reportedly worried about fronting severe law punishment. Specifically, the Singaporean said he, Kyle Davies, and other executives could face “fines and imprisonment” for being in charge of the troubled company. At the end of June, a...Read More
In a new win for the Three Arrows Capital Ltd.’s liquidators, the Singapore High Court granted their request to access any financial records that were previously kept locally. The petition was filed by advisory firm Teneo, appointed by a British Virgin Islands court in June to liquidate 3AC. The decision by the court is expected...Read More
The CEO of institutional crypto brokerage firm Genesis Global Trading, Michael Moro, will step down from his leadership position while the company is planning to cut off 20% of its workforce. According to Bloomberg, on Wednesday (August 17, 2022), Genesis announced that Maro will leave his position as CEO, in line with the company’s leadership...Read More
Su Zhu and Kyle Davies – Co-Founders of the distressed cryptocurrency hedge fund Three Arrows Capital (3AC) – explained that accumulative lending agreements and the collapse of the digital asset market are the reasons for the fall of their project. In addition, they said accusations against them of living a lavish lifestyle on the back...Read More
BlockchainCom – a crypto financial services company – has let go of 25% of its employees due to harsh market conditions. That’s 150 roles cleared from the firm. A Loss of Momentum As reported by CoinDesk and verified by CNBC, 44% of layoffs are expected to affect employees in Argentina. Another 26% will impact U.S.-based...Read More
One of the worst affected crypto companies by the unpleasant macroeconomic conditions – Vauld – reportedly filed for protection against creditors in Singapore. The process should grant the entity the “breathing space” it needs to reconstruct its distressed operations. Looking for a Way Out It is safe to say that the crypto winter has harmed...Read More
Genesis Global Trading – a crypto prime brokerage firm – reportedly credited the now insolvent Three Arrows Capital (3AC) with $2.36 billion in under collateralized loans. As reported by The Block, details on 3AC’s loans were gleaned from a 1,159-page document uploaded by the advisory firm Teneo on Monday. However, the link to that filing...Read More
DeFiance Capital stated that none of its assets under management were raised by the bankrupt crypto hedge fund, its founders, or any of its affiliates. The company said it had been “materially affected” and “prejudiced” by the recent turn of events. In a recent statement, the venture capital fund elucidated that its founder Arthur Cheong...Read More
The Three Arrows Capital (3AC) liquidators are reportedly looking to investigate and preserve the Singapore assets of the crypto hedge fund. According to a recent report by Straits Times, the Singapore lawyers for Teneo have asked the High Court to recognize the British Virgin Islands (BVI) liquidation order in chambers hearing on July 15th. It...Read More
After a brief hiatus across social media channels, 3AC co-founder Zhu Su tweeted that their “good faith” to cooperate with liquidators of the hedge fund was “met with baiting.” He also posted snapshots of emails sent by Advocatus Legal LLP, the Singapore-based law firm acting on behalf of the fund’s founders, which mentioned that they...Read More
The lawyers seeking emergency provisional relief said the founders of the beleaguered hedge fund, Three Arrows Capital, are nowhere to be found and “have not yet begun to cooperate with the Foreign Representatives in any meaningful manner.” Lawyers Accuse 3AC Execs of Being Uncooperative The nearly decade-old hedge fund was founded by former schoolmates and...Read More
DappRadar published the latest edition of its quarterly report, focusing on how the fall of Terra, Celsius, and 3AC have changed the blockchain landscape as the liquidity crisis deepened, impacting major CeFi players. In addition, the document dives into the fierce competition among NFT marketplaces, stating that OpenSea’s dominance continued to shrink in Q2. CeFi...Read More
Peter Smith – CEO of crypto exchange platform BlockchainCom – said the fallout from VC firm Three Arrows Capital (3AC) could cause his company to lose $270,000,000. In a letter to shareholders dated June 24th, Smith said that 3AC had defaulted on $270,000,000 worth of crypto and U.S. Dollar loans from BlockchainCom. The CEO claims...Read More
Genesis Trading confirmed its exposure to bankrupt hedge fund Three Arrows Capital (3AC). In a series of tweets, its CEO Michael Moro revealed that the cryptocurrency lender and broker had mitigated its losses. The executive said that Genesis sold collateral and hedged its downside after 3AC failed to meet a margin call in June. Moro...Read More
CoinLoan – a company that offers crypto-backed loans and interest-earning accounts – said it will balance the flow of funds on its platform by reducing the account withdrawal limits. The firm assured that the amendment is temporary as each user would be able to withdraw up to $5,000 per 24-hour rolling period. CoinLoan’s Steps Amidst...Read More
A Chapter 15 bankruptcy is a move that protects a firm’s U.S. assets while liquidation is carried out in the British Virgin Islands. Additionally, it prevents creditors from seizing assets in the United States and is applicable for insolvency proceedings involving more than one country. According to Bloomberg, three representatives of the Singapore-based crypto hedge...Read More
The Monetary Authority of Singapore (MAS) said it had reprimanded Three Arrows Capital on June 30. The central bank alleged that the beleaguered crypto hedge fund provided misleading information and also surpassed the assets under the management (AUM) threshold permitted for a registered fund management company (RFMC). The announcement stated, “TAC had represented to MAS...Read More
US-based cryptocurrency platform, Voyager Digital, issued a notice of default to Three Arrows Capital (3AC) as the latter has failed to make the required payments on previously disclosed loans. As CryptoPotato reported back on June 22nd, Voyager Digital came out with a statement that the company had exposure worth some $500 million to Three Arrows Capital –...Read More
Over the holiday season, Bitcoin (BTC) has stalled in the low-$7,000s, finding itself stuck between a rock and a hard place. Although some say that this is indicative of an impending return to the $6,000s, then the $5,000s, a prominent cryptocurrency-centric fund manager has asserted that the leading cryptocurrency is poised to retake $9,000 within...Read More
During the last two weeks as cryptocurrency prices slid below long term foundational support, speculators assumed Plustoken scammers may be behind the dump. Blockchain intelligence firm Chainalysis published a report which claimed Plustoken coin sales might be dragging BTC prices down. Moreover, on December 19, Plustoken scammers moved 789,525 ETH ($101 million) from one address...Read More
For some reason or another, Bitcoin investors have long gravitated to round numbers. $1, that’s important. $100, make sure you watch that level. $1,000, all hands on deck. According to a prominent cryptocurrency investor and commentator, there’s truth to the importance of these round numbers, especially in this nascent market.Related Reading: Last Weekly Golden Cross...Read More
