Accéder au contenu principal

BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore

In a significant development for the cryptocurrency industry, Su Zhu, co-founder of the failed hedge fund Three Arrows Capital (3AC), was arrested at Changi Airport in Singapore while attempting to leave the country. 

Zhu’s arrest led to a subsequent court order sentencing him to four months in prison, as confirmed by 3AC’s joint liquidator, Teneo.

Three Arrows Capital Co-Founder Apprehended 

According to reports, While Zhu now serves his prison term, the liquidators will actively engage with him to address matters concerning Three Arrows Capital. 

Their primary focus will be on recovering assets belonging to 3AC or acquired using the fund’s resources. The liquidators seek to maximize returns for the hedge fund’s creditors and will initiate further court proceedings as necessary.

The arrest and subsequent sentencing of Zhu follow the earlier granting of a committal order on September 25. This order was obtained due to Zhu’s intentional non-compliance with a court directive that required his cooperation with the liquidators’ investigations. 

Specifically, Zhu was obligated to provide a detailed account of his activities as a co-founder of 3AC and its former investment manager.

A similar committal order was also issued against Kyle Davies, the other co-founder of Three Arrows Capital. However, Davies’ current whereabouts remain unknown, according to Teneo.

The liquidators have consistently prioritized the recovery of 3AC’s assets and maximized returns for its creditors throughout the process. Their efforts focus on retrieving 3AC’s property and assets acquired using the fund’s funds. 

Lastly, Teneo emphasized that they will continue to work diligently towards these objectives, potentially seeking additional court orders to facilitate the process.

Three Arrows Capital
The total crypto market cap has recovered the $1.05 trillion mark on the daily chart. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com


Source link

The post BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore appeared first on Job From Home Blog.

Commentaires

Posts les plus consultés de ce blog

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a popular cryptocurrency exchange MEXC. This development comes from a joint operation between the Hong Kong regulator and the local police force aimed at uncovering illicit activities of virtual asset trading platforms (VATPs). SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform According to an announcement on February 9, the SFC is warning crypto enthusiasts and investors of an ambiguous trading platform that operates under the name “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator discovered that “MEXC” has lured several investors into becoming members of group chats in which it claimed to offer “free investment advice.” Through this medium, “MEXC” was able to direct unsuspecting investors into depositing funds through fraudulent websites in order to purchase cryptocurrencies. Th...

What’s In Store For Bitcoin With 85% Of Holders In Profit

Amidst a renewed wave of optimism sweeping through the broader cryptocurrency landscape, the resurgence of Bitcoin (BTC) to the pivotal $37,500 price threshold has become a catalyst for positive shifts. At present, a staggering 85% of Bitcoin holders find themselves in a profitable position, a testament to the resilience and potential of the leading cryptocurrency. Encouragingly, key indicators hint at the likelihood of this percentage expanding in tandem with Bitcoin’s upward trajectory. Making Money With Bitcoin As the market plummeted from its all-time high in November 2021, the amount of Bitcoin supply in profit has reportedly hit levels last observed two years ago, according to Glassnode. The analytics service also stated that the amount of unrealized profit contained in these currencies is still very small. Based on the latest figures from blockchain analytics website IntoTheBlock, some 85% of Bitcoin holders are profitable at the current price of the first cryptocurrency,...

Instagram Is Experimenting With an Option To Add Files to DMs

What if you could send files in your IG DMs? That may soon be an option, with app researcher Alessandro Paluzzi uncovering this process in the back-end data of the app. As you can see in this example, Instagram’s experimenting with a new option that would let you add files to your messages as attachments. Which is not overly surprising. You can already send documents within WhatsApp , and on Messenger (in limited capacity), and with Meta still working to integrate all of its messaging platforms into a single system , it makes sense that it would also need to replicate the functionality of each, to ensure full parity. So, basically, every function within Messenger, IG Direct and/or WhatsApp will eventually be available in each other app, as that will then enable Meta to link them all together into a singular messaging system. As such, I do think this is coming, and is more than just an experiment, which will provide expanded functionality within your IG DMs, and could be handy...