Singapore BC accuses crypto-focused fund 3AC of providing false information

- Advertisement -

The Central Bank of Singapore has accused cryptocurrency hedge fund Three Arrows Capital (3AC) of providing false information to authorities and of managing more assets than allowed. The regulator said 3AC was authorized to manage funds for up to 30 investors and up to 250 million Singapore dollars ($179 million), but exceeded its allowable assets under management.

Three Arrows exceeded that threshold from July 2020 to September 2020 and from November 2020 to August 2021, the central bank said.

- Advertisement -

The fund has operated as a regulated fund manager in Singapore since 2013. Last year, it moved its domicile to the British Virgin Islands as part of a plan to relocate its operations to Dubai.

Originally, the fund started out trading emerging market currencies, equities and other traditional financial assets before investing heavily in cryptocurrencies a few years ago. Three Arrows co-founders Su Zhu and Kyle Davies had previously worked as Wall Street currency traders.

- Advertisement -

But the company’s once-successful business prospects have soured in recent months after a slew of investments in crypto assets waned, including cryptocurrency Luna, whose value nearly zeroed in May, as reported by Broadcast, a news system in real time of Grupo Estado.

It is worth noting that the company already provided false or misleading information to regulators when it transferred management of its fund in September 2021 to an entity in the offshore tax haven.

Source: CNN Brasil

- Advertisement -


Please enter your comment!
Please enter your name here

Hot Topics

Related Articles