Three Arrows Capital Furnished Singapore Regulators With False Information
- $250 million assets under management (AUM) restriction was breached twice.
- A slew of companies have come out to reveal their 3AC exposure.
According to a notification issued by the Monetary Authority of Singapore (MAS) today, Three Arrows Capital (3AC) furnished the regulator with “false information.” The MAS has stated that 3AC created a business in the British Virgin Islands and transferred the administration of its fund to an unconnected offshore entity. “This representation was misleading” since Su Zhu (one of the fund’s founders) was also a stakeholder in the BVI-based firm, according to the regulator in today’s reprimand.
Trouble Continues For Three Arrows Capital
Additionally, the MAS penalized the company because it failed to inform it of “changes in the directorships and shareholdings of its directors,” as well as for exceeding the permissible amount. The crypto fund’s $250 million assets under management (AUM) restriction was breached twice, from July 2020 to September 2020 and November 2020 to August 2021. Following a recent order to liquidate 3AC, this notification has been issued.
Last week’s collapse of 3AC’s crypto fund was ordered by a judge in the British Virgin Islands to be put up for liquidation. Teneo Restructuring is said to be involved in the proceedings, according to reports. A slew of companies have come out to reveal their 3AC exposure amid Terra’s demise and the continuing fall of Bitcoin in 2022. Crypto broker Voyager Digital has served 3AC with a notice of default in an attempt to collect on a $660 million loan from the crypto fund.
FTX, BitMEX, and Deribit also liquidated the fund’s outstanding margin holdings. According to CMC, the Bitcoin price today is $19,087.73 USD with a 24-hour trading volume of $23,227,534,481 USD. Bitcoin is down 4.87% in the last 24 hours.
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Trouble Continues For Three Arrows Capital (3AC) as Court Orders Liquidation
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
