Tuesday, February 7, 2023

Singapore regulator accuses Three Arrows Capital of giving wrong information

Financially troubled crypto hedge fund Three Arrows Capital has been accused by Singapore’s financial regulator of exceeding assets limits and providing false information. The firm has suffered huge losses due to the selloff in the crypto market for the past few weeks and is being liquidated.

of Reuters Report In the Monetary Authority of Singapore (MAS), it has been told that Three Arrows Capital had given wrong information about relocating to the British Virgin Islands last year. For this MAS has strongly reprimanded the firm. However, no penalty has been levied on it. The queries sent in this regard have not received any reply from the firm. MAS said that the firm has delayed in informing about the changes in the directors and their shareholding. Apart from this, in the last two years, it had also crossed its limit of assets under management.

Crypto brokerage firm Voyager Digital served a default notice to Three Arrows Capital earlier this week for failing to pay a loan of about 15,250 bitcoin and about $350 million in stablecoin USDC. A court in the British Virgin Islands has ordered the liquidation of Three Arrows Capital. Consultancy firm Teneo has been appointed as the liquidator. The value of Bitcoin, the largest cryptocurrency by market capitalization, declined by nearly 37 percent in June. The price of bitcoin was around $20,000 on Wednesday. In November last year, it touched an all-time high of around $69,000.

The liquidation report of Three Arrows Capital came on Wednesday. Recently, the co-founder of the firm had said in a tweet about liquidation speculation that the firm was committed to resolve it. Due to the slowdown in the crypto market, many firms in this segment are cutting their workforce to reduce costs. Coinbase, one of the major crypto exchanges, also recently decided to reduce its workforce by 18 percent. Headquartered in the US, the firm says that it has taken this step to cut costs in this difficult period of the industry.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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