11 months ago
Date: 01 Jul 2022 - 17:30
On Wednesday it was reported that the crypto hedge fund Three Arrows Capital 3AC was liquidated by a British Virgin Islands court and following the alleged liquidation the Monetary Authority of Singapore MAS has reprimanded 3AC for misleading regulators. Furthermore reports claim that liquidators in Singapore are attempting to seize the properties owned by 3AC cofounder Su Zhu and his wife.Monetary Authority of Singapore Accuses 3AC of Misleading Regulators and Exceeding AUM limitsThe troubled crypto hedge fund Three Arrows Capital Ltd. otherwise known as 3AC seems to be facing issues from regulators in Singapore. Since 2012 3AC was a well known crypto hedge fund that was started by two former Credit Suisse traders Su Zhu and Kyle Davies. However after being quite successful 3AC allegedly invested heavily into Terras LUNA after Zhu insisted that crypto companies dont want to be blown out during a supercycle. It is assumed that one issue 3AC dealt with was an investment of 200 million locked luna classic LUNC which is now worth less than 1K.You dont want to be blown out during a supercyclezhusu on UpOnlyTV with cobie and ledgerstatus pic.twitter.comfYqCXukGNN Gabriel Haines.eth gabrielhaines June 30 2022There is speculation that the massive losses of LUNC caused them to use more leverage to earn it back Also known as x2018Revenge trading one account explained on June 16. Two weeks ago The Blocks Frank Chaparro cited sources that said the crypto hedge fund 3AC was liquidated for 400 million. Reports published the same week indicate that 3AC was liquidated by Bitmex Deribit Bitfinex and possibly FTX as well. Sources noted two days ago that a British Virgin Islands BVI court liquidated the hedge funds assets as well but the sources did not disclose what type of assets were allegedly seized.Following the ostensible BVI liquidation notice the Monetary Authority of Singapore MAS published a press release that says 3AC misled regulators. The Monetary Authority of Singapore today reprimanded Three Arrows Capital Pte. Ltd. 3AC for providing false information to MAS and exceeding the assets under management AUM threshold allowed for a registered fund management company RFMC the press release reveals. The MAS violation notice mentions that the regulator has been investigating 3ACs contraventions since June 2021.3AC is also accused of breaching the MAS assets under management AUM threshold. 3AC exceeded its allowable AUM of S250 million for a RFMC between July 2020 and September 2020 and between November 2020 and August 2021 the Singapore regulators detailed. In light of recent developments which call into question the solvency of the fund managed by 3AC MAS is assessing if there were further breaches by 3AC of MAS regulations the MAS officials added.Local Report Claims Liquidators Look to Seize Su Zhus MillionDollar BungalowsMoreover a local report from Singapore say rumors have claimed that liquidators have been eyeing 3ACs homes and property located in the country. The publication Edgeprops reporter Cecilia Chow detailed that records show from 2019 to 2021 Su Zhu purchased three bungalows in Singapore that cost him around 83.55 million.The Singapore properties are allegedly in Zhus name and his wifes name as well. In December Zhu and his wife purchased a 31863 sq ft home called the Good Class Bungalow GCB. Chows report notes that the GCB property was put into a trust for one of Zhus daughters.Chow further details that Zhus wife owns a 28.5 million bungalow in Singapore located near the Botanic Gardens at Dalvey Road. The property was acquired in September 2020 and the reporter notes that it is currently under construction. The Edgeprop report claims that 3AC and associates collectively own five highend properties.Chow further says that members of the 3AC team also own an entire fleet of highend cars and a yacht. The well known Terra whistleblower named Fatman has been sharing information about the alleged liquidators in Singapore. Additionally Fatman claims that a source told him that Su Zhu is desperately looking to sell one of the milliondollar homes in Singapore.A verified source has confirmed that Su Zhu is urgently trying to sell his 35m house in Singapore currently held in his daughters trust Fatman tweeted. He is requesting the funds to be transferred to a bank account in Dubai and has no intention of paying creditors with the proceeds from the sale.Furthermore a post on social media shows how Zhu once claimed 100000 ether was dust to him. Today he is selling 10 USDC trying to pay off debt after his 20 billion fund imploded. Markets always humble those too arrogant the individual who published the social media post explained. Today he is sending all the leftover balance from his wallets to CEX so that he can get as much money as possible. He just transferred 10 USDC 3.98 AAVE 200 138 SUSHI 0.1 YFI 2.5 COMP 75 and other actual x2018dust to various centralized exchanges the individual added.Meanwhile Zhu has not tweeted since June 14 2022. However Zhu did change his profile on Twitter as it used to say that the cofounder of 3AC was Investing in BTC ETH AVAX LUNA SOL NEAR MINA DOT and KSM. Today Zhus Twitter profile does not feature the aforementioned crypto assets and simply says bitcoin in addition to his associations with Deribit Defiance Capital and Starry Night Capital.What do you think about the recent MAS press release and the story that says liquidators are attempting to seize Su Zhus properties in Singapore Let us know what you think about this subject in the comments section below.Read in the source
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