China News by Thebittimes.Com

A British Virgin Islands court has stepped in to prevent Three Arrows Capital (3AC) founders Kyle Davies and Su Zhu from transferring or selling more than $1 billion in assets with creditors still chasing the collapsed fund’s owners for more than $3 billion. The announcement came one day after a domestic freezing order was issued by a court in Singapore. 3AC operated out of Singapore but filed for bankruptcy in the British Virgin Islands. According to a statement from 3AC’s liquidator Teneo, $1.4 billion in assets have been frozen while creditors are still owed somewhere in the region of $3.3 billion. Davies’ wife Kelly Chen has also been barred from moving assets. “The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst other things, that the found ers should be held responsible for causing 3AC ’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought,” the sta...

The Monetary Authority of Singapore (MAS) has said it has banned the founders of collapsed crypto hedge fund Three Arrows Capital ( 3AC ), Su Zhu and Kyle Davies, from market activity in the country for nine years. Effective immediately, both founders will be barred from director positions or becoming substantial shareholders of capital markets companies in the city. “MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements,” Loo Siew Yee, assistant managing director for policy, payments and financial crime at the central bank said in a statement. “MAS will take action to weed out senior managers who commit such misconduct.” 3AC went bankrupt in June last year, when it was decimated by the dramatic collapse of the Terra/Luna ecosystem and subsequent market crash. According to MAS, the crypto hedge fund “provided false information” by going over the limit of S$250 million ($184 m...

There’s a lot that has been happening in the crypto -verse. The last couple of months has been a nightmare for many. Bankrupt firms and missing founders have instilled fear among several investors. The streak started by Three Arrows Capital [ 3AC ] seemed to be still on. Following immense exposure from the downfall of FTX , Genesis Global Trading decided to halt withdrawals. Recent reports suggest that bankruptcy was in the cards for the platform. Amidst this, it should be noted that Genesis had been impacted by the downfall of Three Arrows Capital as well. Back in July, it was brought to light that Genesis had lent about $2.36 billion to 3AC. Crypto firm Genesis previously lent $2.36 billion to bankrupt hedge fund Three Arrows Capital. — Watcher.Guru (@WatcherGuru) November 22, 2022 Previously, documents show that 3AC owes Genesis a loan debt of $2.36 billion. Additionally, they demonstrate how inadequately collateralized the debt is and how Genesis attempte...