Singapore authorities reprimand Three Arrows Capital for providing false information

6/30/2022 1:06:00 PM

BREAKING: Singapore authorities reprimand Three Arrows Capital for providing false information

BREAKING: Singapore authorities reprimand Three Arrows Capital for providing false information

Singapore's regulatory authority has reprimanded troubled crypto hedge fund Three Arrows Capital for providing false information.

Singapore’s regulatory authority has reprimanded troubled crypto hedge fund Three Arrows Capital for providing false information.It also said that the hedge fund exceeded its allowed threshold for assets under management.The Monetary Authority of Singapore (MAS) today reprimanded embattled crypto hedge fund Three Arrows Capital, known as 3AC, for providing false information and exceeding the assets under management threshold permitted by the regulatory authority.

In 2013, the authority granted the hedge fund registered status under the conditions that its assets did not exceed S$250 million.However, according toa release,the authority says the company breached its AUM threshold between July 2020 and September 2020 and between November 2020 and August 2021. It also reprimanded 3AC for its failure to notify changes to directorships and shareholdings and also failing to notify MAS regarding the common shareholder of 3AC's offshore entity, Su Zhu. Zhu is also the director of 3AC.

Read more: The Block »

AG Garland moves to unseal Mar-a-Lago warrant, defends DOJ

Attorney General Merrick Garland announced today that he’s asked a court to unseal the Mar-a-Lago search warrant. Will Team Trump agree? Read more >>

Oof Ponzi shit 3AC? Never even heard of them. He’s talking about regulated institutions u fer SEC/CFTC purview, striking a monthly NAV, with AUM greater than $100M. Not 3 crypto kids with friend & family money. Lots of people buying stuff with their personal account… DefiDisputes cryptounfolded Where am I and where is he . Is the question

Reprimand. What a fearful sanction.

BVI court orders liquidation of Three Arrows Capital: Sky NewsA court in the British Virgin Islands has ordered the liquidation of Three Arrows Capital, according to a report by Sky News. FrankResearcher 3 liquidated capital (3LC)

Court Reportedly Orders Liquidation Of Crypto Hedge Fund Three Arrows Capital, Threatening More Market TurmoilThe reported insolvency of Three Arrows Capital could plunge an already bearish crypto market even lower. This is good for bitcoin

Three Arrows Capital Ordered Into Liquidation by a Birtish Virgin Islands CourtThree Arrows Capital has been ordered into liquidation by a court in the British Virgin Islands.

BREAKING: Court Orders Liquidation of Three Arrows CapitalICYMI: a BVI court has ordered the liquidation of Three Arrows Capital $BTC

Teneo to handle ‘liquidation’ of Three Arrows Capital, not ‘insolvency’Teneo will handle the “liquidation” of Three Arrows Capital, a person with direct knowledge of the matter told The Block. Yogita_Khatri5 Don’t you mean crypto *borrower*?

Virgin Islands court orders liquidation of crypto hedge fund Three Arrows CapitalThe turmoil that is now affecting the cryptocurrency market was brought further to light when a court in the British... Continue reading

Quick Take Singapore’s regulatory authority has reprimanded troubled crypto hedge fund Three Arrows Capital for providing false information.by Sky News, citing a person familiar with the situation.that British Virgin Islands-based Teneo Restructuring is handling the insolvency proceedings.The Singapore-based cryptocurrency hedge fund – Three Arrows Capital – has reportedly been ordered into liquidation following the downturn of the market and the challenges it faced recently.

It also said that the hedge fund exceeded its allowed threshold for assets under management. The Monetary Authority of Singapore (MAS) today reprimanded embattled crypto hedge fund Three Arrows Capital, known as 3AC, for providing false information and exceeding the assets under management threshold permitted by the regulatory authority. According to the report, partners from Teneo Restructuring are handling the firm's insolvency. In 2013, the authority granted the hedge fund registered status under the conditions that its assets did not exceed S$250 million.5% to $20,062 early on Wednesday morning—after briefly falling below $20,000—but it is likely to drop further if the report is confirmed. However, according to a release, the authority says the company breached its AUM threshold between July 2020 and September 2020 and between November 2020 and August 2021. About Author Tim is a News Editor at The Block who focuses on DeFi, NFTs and DAOs. It also reprimanded 3AC for its failure to notify changes to directorships and shareholdings and also failing to notify MAS regarding the common shareholder of 3AC's offshore entity, Su Zhu. The company previously disclosed exposure to the extent of some $500 million to Three Arrows Capital and also stated that it’s “unable to assess the amount it will be able to recover.

Zhu is also the director of 3AC. He has earned a BA in Philosophy from the University of York and studied News Journalism at the Press Association. Follow me on. MAS added that, since there is speculation that the hedge fund may no longer be solvent, it is assessing whether there were any further breaches of its regulations. This comes just days after a court order in the British Virgin Islands (BVI) placed 3AC into liquidation . The court appointed financial advisory firm Teneo to handle the liquidation. As a liquidation handler, Teneo’s main job is to protect the assets of 3AC and understand who its creditors are.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. About Author Tom is fintech reporter at The Block.

Before joining the team, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups. Tom has a bachelors degree in International Relations and Japanese from SOAS, University of London. More by Tom Matsuda .