Index Investing News
Monday, May 26, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Singapore Authorities Arrest Co-founder of 3AC

by Index Investing News
September 29, 2023
in Cryptocurrency
Reading Time: 8 mins read
A A
0
Home Cryptocurrency
Share on FacebookShare on Twitter


Su Zhu, the Co-founder of Three Arrows Capital (3AC), has
been arrested in Singapore. His arrest is linked to his alleged failure to
cooperate during the bankruptcy proceedings of 3AC, the now-bankrupt crypto
lending company.

Today (Friday) afternoon at Changi Airport in Singapore, Zhu was
arrested. His attempt to leave the country led to his detention, a development
confirmed by Teneo, the entity overseeing 3AC’s liquidation.

3AC was known for its investments in projects like LUNA,
Aave, Avalanche, BlockFi, Deribit, and Solana before its collapse last year.
The downfall began when LUNA, a significant investment of 3AC, experienced a
massive crash in May, triggering a series of events.

Breaking: ZHU Su, co-founder of failed crypto hedge fund Three Arrows Capital, was apprehended at Changi Airport whilst attempting to travel out of Singapore on Friday (Sep 29) afternoon. Businesstimes reported. https://t.co/W01HoeQYCu pic.twitter.com/TwvRuFKbxw

— Wu Blockchain (@WuBlockchain) September 29, 2023

Despite managing up to $18 billion in cryptocurrency assets
at its peak, 3AC failed to meet margin calls in June, raising questions about
its financial stability. In addition, the failure to repay a substantial debt
of $665 million to crypto broker
Crypto Broker

A crypto broker is a dealer that facilitates the direct exchange of cryptocurrencies for other assets between two parties in over-the-counter trading. If you want to trade Bitcoin off of an exchange, the broker is the entity that matches you with another trader. Cryptocurrency brokers are usually involved in high-volume trades. Crypto holders who want to buy, sell, or trade large amounts of Bitcoin may not want to do so on a cryptocurrency exchange because a possible lack of liquidity. In other

A crypto broker is a dealer that facilitates the direct exchange of cryptocurrencies for other assets between two parties in over-the-counter trading. If you want to trade Bitcoin off of an exchange, the broker is the entity that matches you with another trader. Cryptocurrency brokers are usually involved in high-volume trades. Crypto holders who want to buy, sell, or trade large amounts of Bitcoin may not want to do so on a cryptocurrency exchange because a possible lack of liquidity. In other
Read this Term
Voyager Digital exacerbated the situation,
further destabilizing the company.

Keep Reading

The Monetary Authority of Singapore (MAS) reprimanded 3AC
and its founders in June 2022. This reprimand was due to alleged misinformation, failure to report ownership changes in the executive
ranks, and exceeding allowable asset thresholds for a registered fund
management company.

According to the MAS, the investigations uncovered that the
company failed to notify regulators about the employment of its representatives and
made false representations about them.

In June, a report by the New York Times indicated that Kyle
Davies, the Co-founder of 3AC, and Zhu had embarked on a year-long journey that
took them to Bali instead of facing the aftermath of the collapse of their
hedge fund. They departed from Singapore, where Three Arrows was headquartered,
and embarked on a journey across Asia, essentially taking a summer sabbatical.

3AC’s Downfall and Regulatory Reprimand

Meanwhile, Singapore’s financial market regulator barred the duo from participating in the city-state’s financial services sector for nine
years in September. The ban was effected on September 13 in response to
several regulatory reporting lapses tied to the fund’s operations.

Founded in 2012 and headquartered in Singapore, 3AC was once
a prominent cryptocurrency hedge fund known for its highly leveraged positions.
However, its fortunes took a sharp downturn, incurring losses exceeding $400
million amid the crypto market’s slump in the previous year.

The consequences of 3AC’s collapse extended far beyond its
immediate stakeholders. Voyager Digital, unable to recover its debts from 3AC,
was forced to file for bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term
. The domino effect resulted in damages
exceeding $3 billion, affecting several companies in the crypto space.

Su Zhu, the Co-founder of Three Arrows Capital (3AC), has
been arrested in Singapore. His arrest is linked to his alleged failure to
cooperate during the bankruptcy proceedings of 3AC, the now-bankrupt crypto
lending company.

Today (Friday) afternoon at Changi Airport in Singapore, Zhu was
arrested. His attempt to leave the country led to his detention, a development
confirmed by Teneo, the entity overseeing 3AC’s liquidation.

3AC was known for its investments in projects like LUNA,
Aave, Avalanche, BlockFi, Deribit, and Solana before its collapse last year.
The downfall began when LUNA, a significant investment of 3AC, experienced a
massive crash in May, triggering a series of events.

Breaking: ZHU Su, co-founder of failed crypto hedge fund Three Arrows Capital, was apprehended at Changi Airport whilst attempting to travel out of Singapore on Friday (Sep 29) afternoon. Businesstimes reported. https://t.co/W01HoeQYCu pic.twitter.com/TwvRuFKbxw

— Wu Blockchain (@WuBlockchain) September 29, 2023

Despite managing up to $18 billion in cryptocurrency assets
at its peak, 3AC failed to meet margin calls in June, raising questions about
its financial stability. In addition, the failure to repay a substantial debt
of $665 million to crypto broker
Crypto Broker

A crypto broker is a dealer that facilitates the direct exchange of cryptocurrencies for other assets between two parties in over-the-counter trading. If you want to trade Bitcoin off of an exchange, the broker is the entity that matches you with another trader. Cryptocurrency brokers are usually involved in high-volume trades. Crypto holders who want to buy, sell, or trade large amounts of Bitcoin may not want to do so on a cryptocurrency exchange because a possible lack of liquidity. In other

A crypto broker is a dealer that facilitates the direct exchange of cryptocurrencies for other assets between two parties in over-the-counter trading. If you want to trade Bitcoin off of an exchange, the broker is the entity that matches you with another trader. Cryptocurrency brokers are usually involved in high-volume trades. Crypto holders who want to buy, sell, or trade large amounts of Bitcoin may not want to do so on a cryptocurrency exchange because a possible lack of liquidity. In other
Read this Term
Voyager Digital exacerbated the situation,
further destabilizing the company.

Keep Reading

The Monetary Authority of Singapore (MAS) reprimanded 3AC
and its founders in June 2022. This reprimand was due to alleged misinformation, failure to report ownership changes in the executive
ranks, and exceeding allowable asset thresholds for a registered fund
management company.

According to the MAS, the investigations uncovered that the
company failed to notify regulators about the employment of its representatives and
made false representations about them.

In June, a report by the New York Times indicated that Kyle
Davies, the Co-founder of 3AC, and Zhu had embarked on a year-long journey that
took them to Bali instead of facing the aftermath of the collapse of their
hedge fund. They departed from Singapore, where Three Arrows was headquartered,
and embarked on a journey across Asia, essentially taking a summer sabbatical.

3AC’s Downfall and Regulatory Reprimand

Meanwhile, Singapore’s financial market regulator barred the duo from participating in the city-state’s financial services sector for nine
years in September. The ban was effected on September 13 in response to
several regulatory reporting lapses tied to the fund’s operations.

Founded in 2012 and headquartered in Singapore, 3AC was once
a prominent cryptocurrency hedge fund known for its highly leveraged positions.
However, its fortunes took a sharp downturn, incurring losses exceeding $400
million amid the crypto market’s slump in the previous year.

The consequences of 3AC’s collapse extended far beyond its
immediate stakeholders. Voyager Digital, unable to recover its debts from 3AC,
was forced to file for bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term
. The domino effect resulted in damages
exceeding $3 billion, affecting several companies in the crypto space.





Source link

Tags: 3ACarrestAuthoritiescofounderSingapore
ShareTweetShareShare
Previous Post

Citigroup CEO sees cracks emerging among consumers

Next Post

Ryder Cup: Rory McIlroy, Tommy Fleetwood to lead unchanged Europe out in Saturday foursomes | Golf News

Related Posts

Bitcoin Nears Finish Of Submit-Halving Consolidation Section – Cycle Peak In Sight?

Bitcoin Nears Finish Of Submit-Halving Consolidation Section – Cycle Peak In Sight?

by Index Investing News
May 25, 2025
0

Trusted Editorial content material, reviewed by main business consultants and seasoned editors. Advert Disclosure It’s been simply over a yr...

Former IMF chief economist believes crypto is a rising menace to the U.S. Greenback’s dominance

Former IMF chief economist believes crypto is a rising menace to the U.S. Greenback’s dominance

by Index Investing News
May 25, 2025
0

American economist Kenneth Rogoff believes that the rise of crypto poses a menace to the hegemony of the U.S. greenback.Rogoff...

Ripple Executives Be a part of Satoshi Nakamoto

Ripple Executives Be a part of Satoshi Nakamoto

by Index Investing News
May 25, 2025
0

Professional-XRP lawyer John Deaton has tapped two Ripple executives to hitch an unique listing of crypto all-time greats. The XRP...

Market Skilled Tasks ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Right here’s How

Market Skilled Tasks ‘Undervalued’ Litecoin To Soar At Least 1,000% —  Right here’s How

by Index Investing News
May 24, 2025
0

Opeyemi is a proficient author and fanatic within the thrilling and distinctive cryptocurrency realm. Whereas the digital asset business was...

Crypto entrepreneur arrested for kidnapping and torturing his ex-business associate with chainsaw and cocaine

Crypto entrepreneur arrested for kidnapping and torturing his ex-business associate with chainsaw and cocaine

by Index Investing News
May 25, 2025
0

Key Takeaways A Kentucky crypto investor was arrested for allegedly kidnapping and torturing an Italian vacationer to extract crypto passwords....

Next Post
Ryder Cup: Rory McIlroy, Tommy Fleetwood to lead unchanged Europe out in Saturday foursomes | Golf News

Ryder Cup: Rory McIlroy, Tommy Fleetwood to lead unchanged Europe out in Saturday foursomes | Golf News

Anil Agarwal’s Vedanta to split biz into 6 companies to unlock value

Anil Agarwal's Vedanta to split biz into 6 companies to unlock value

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Crypto Market Shifts To Greed Amid FOMO Frenzy As Buyers Eye New Bull Run

Crypto Market Shifts To Greed Amid FOMO Frenzy As Buyers Eye New Bull Run

July 16, 2024
Pau Gasol unhappy with direction of current NBA game

Pau Gasol unhappy with direction of current NBA game

March 20, 2023
The Core of Putin’s Weak spot

The Core of Putin’s Weak spot

April 25, 2022
Jesse Metcalfe Reveals Plot Particulars of ‘John Tucker Should Die’ Sequel After Studying Script (Unique)

Jesse Metcalfe Reveals Plot Particulars of ‘John Tucker Should Die’ Sequel After Studying Script (Unique)

October 29, 2024
Watch Idaho Murder Suspect Bryan Kohberger & His Dad Slip Out Of Traffic Stop!

Watch Idaho Murder Suspect Bryan Kohberger & His Dad Slip Out Of Traffic Stop!

January 4, 2023
Actor Alec Baldwin charged again over fatal film-set shooting | Courts News

Actor Alec Baldwin charged again over fatal film-set shooting | Courts News

January 19, 2024
FirstFT: Alibaba accused of potential espionage at European hub

FirstFT: Alibaba accused of potential espionage at European hub

October 5, 2023
‘Zone of Interest’ Oscars Speech Is Defended by Jewish Film Artists

‘Zone of Interest’ Oscars Speech Is Defended by Jewish Film Artists

April 8, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In