3AC Called out by Authorities of Singapore for the Provision of Incorrect Info
Trouble keeps brewing for Three Arrows Capital (3AC), as yesterday, the British Virgin Islands court ordered the liquidation of the crypto hedge fund. Now the fund is facing a double-trouble situation, as the Monetary Authority of Singapore (MAS) has handed a reprimand to the struggling 3AC for providing incorrect information.
Singapore's central bank and financial regulator called out troubled crypto hedge fund Three Arrows Capital, also known as 3AC or TAC, for "providing false information," as the firm sinks deeper into crisis amid a cryptocurrency rout.https://t.co/5UyHhw2OkJ
— Nikkei Asia (@NikkeiAsia) June 30, 2022
3AC’s Exceeded Threshold Didn’t Go Unnoticed
Between July and September of 2020, Three Arrows Capital operated in the region of Singapore with assets worth over $250 million—something disallowed by local legislation. Not only this, but the threshold was exceeded twice, second time extending from between the end of 2020, all the way up to August 2021.
Other breaches include the fund’s failure to inform MAS about its changing role of shareholders and directors. Furthermore, the document published by the Monetary Authority of Singapore (MAS) also revealed the launch of an investigation into Three Arrows Capital for a number of other breaches committed during its tenure as a registered operation, which was dissolved yesterday.
Trouble on Both Sides for 3AC Crypto
Lies built on top of lies have brought nothing but trouble for Three Arrows Capital, as the Singaporean authorities found that 3AC had switched the fund to a different location in 2021, but had explained it away as an unrelated offshore entity. It came to light that this was not the case, as the British Virgin Islands fund had Su Zhu as a shareholder, a known Co-Founder of 3AC, thus hinting at an attempt to conceal the information.
3AC is among the most evident casualties of this harsh crypto winter. The company has allegedly shed an eye-watering $200 million in relation to Terra (Luna) and its stablecoin Terra (UST) after its complete implosion. Moreover, many crypto exchanges have recently liquidated 3AC positions after the troubled company failed to meet specified margins.
As if that wasn’t enough, Voyager Digital issued 3AC with a notice of default. Ultimately, the hedge fund owes Voyager Digital $665 million. The issue will likely be dealt with through Singapore-based Teneo Restructuring, which is handling the Three Arrows liquidation process.
BREAKING: Crypto brokerage Voyager Digital has issued a notice of default to Three Arrows Capital (3AC) after the hedge fund failed to make the required payments on its loans of 15,250 #bitcoin and $350 million in USDC.
— CryptoWhale (@CryptoWhale) June 27, 2022
Voyager's stock is now down -99.9%
Read more: https://dailycoin.com/3ac-called-out-by-authorities-of-singapore-for-giving-incorrect-info/
Text source: DailyCoin.com
