Liquidators of the failed crypto hedge fund Three Arrows Capital (3AC) are reportedly seeking $1.3 billion from Terraform Labs, the bankrupt stablecoin firm co-founded by Do Kwon. According to a new report by Bloomberg, the liquidators filed a claim in the U.S Bankruptcy Court for the District of Delaware seeking funds 3AC allegedly lost as […]
The post Three Arrows Capital Liquidators Want $1,300,000,000 From TerraForm Labs Over 2022 LUNA Collapse: Report appeared first on The Daily Hodl.
Arkham data shows that a wallet belonging to failed hedge fund 3AC spent $59,000 on the Neon Village NFT from artist Seerlight.
According to blockchain data, a wallet associated with failed crypto hedge fund Three Arrows Capital (3AC) purchased the Neon Village non-fungible token (NFT) for 20 Ether (ETH) on July 5, even though the fund is bankrupt. The transaction, which is valued at $59,821 based on current prices, occurred because of an offer that the wallet placed three years ago and never canceled.
The SuperRare Bot X channel, which often posts alerts when large sales are made on the Super Rare NFT marketplace, announced the sale. In the post, the buyer was identified as “abcdefg.” Some NFT collectors initially congratulated the two parties in replies.
NFT collector and X user Brian quickly realized a strange fact about the transaction: The offer for the NFT had been placed three years ago, an unusually long time for an offer to be made but not accepted or canceled. “The craziest part about this sale is that the bid was placed nearly 3 years ago,” Brian stated in a post. “I wonder if the buyer just forgot his eth was deposited in the SR contract this whole time.”
The crypto exchange created by the founders of the now-defunct hedge fund Three Arrows Capital (3AC) is closing down just a year after its launch. In an email shared by users on the social media platform X, Open Exchange (OPNX) says it will officially cease operations and shut down in February. OPNX says users should […]
The post Crypto Exchange Launched By Three Arrows Capital Founders Abruptly Shuts Down appeared first on The Daily Hodl.
Sources claim that 3AC co-founder Kyle Davies has been based in Bali for months as he continues to evade Singaporean authorities over the collapse of his failed hedge fund.
Three Arrows Capital (3AC) co-founder Kyle Davies has reportedly been seen in Bali as he continues to evade authorities over the collapse of the defunct hedge fund.
Davies, who has been embroiled in bankruptcy proceedings following the collapse of 3AC in 2022, has already been sentenced to four months in jail in Singapore for failing to cooperate with investigations into its bankruptcy.
An anonymous source provided Cointelegraph with images that purportedly show Davies with an unknown woman at the Milk and Madu cafe in Canggu, Bali on Nov. 8. Furthermore, separate sources involved with ongoing bankruptcy proceedings in Singapore have confirmed that the 3AC co-founder is based in the Indonesian province.
The images, which have been withheld from publication, bear a stark resemblance to several photographs that Davies has posted online over the past two years.
The witness claims that Davies looks “alive, well and happy” and attempted to conceal his visage once he suspected he may have been recognized. The images supplied showed Davies in a signature pink collared shirt and sunglasses.
“It is 100% him. From the shirt and glasses, I also saw him firsthand without the glasses. He then put the glasses on when he felt we “recognized” him and continued to put the glasses on until we left the place and took this from the cashier's point of view," the source told Cointelegraph.
Davies’ co-founder Su Zhu was arrested in Singapore on Sept. 29 as he attempted to flee the country, after 3AC liquidator Teneo had secured a civil court order that committed both founders to prison earlier in the month.
The New York Times reported that the pair had spent months in Bali instead of cooperating with bankruptcy proceedings in the United States and Singapore.
Cointelegraph's source involved in the ongoing case in Singapore said that Davies' detention depends on the cooperation of Bali authorities.
Davies has since successfully evaded contempt charges in the U.S. over the bankruptcy case in the country, having renounced his American citizenship in 2022 following his marriage to a Singaporean national and taking up citizenship in the country.
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York ruled that the court could not “exercise jurisdiction over Mr. Davies” following evidence presented by Davies’ legal representatives that proved he was no longer an American citizen.
The judge hinted that the foreign representatives could consider compelling Davies’ compliance through Singaporean courts. He denied the contempt motion and said the U.S. court could largely not “exercise jurisdiction over Mr. Davies.”
Davies' pending arrest and four-month sentence in Singapore is a result of a committal order secured by Teneo for contempt of court.
Magazine: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers
Kyle Davies’ and Su Zhu’s OPNX exchange acquired a Lithuania virtual asset license to offer spot trading in the EU.
Crypto exchange OPNX has obtained a virtual asset service provider license (VASP) in Lithuania, allowing it to provide spot crypto exchange services throughout the European Union, according to a Nov. 8 announcement seen by Cointelegraph.
The announcement stated that this license would require the exchange to “adhere to the highest standards of compliance and security.” The team claims they have already implemented a “robust” Know Your Customer and Anti-Money Laundering system to ensure they comply with EU regulations.
“Securing the VASP license from Lithuanian authorities is a significant milestone in OPNX’s worldwide expansion and our mission to serve crypto users across the globe,” said OPNX CEO Leslie Lamb.
In a conversation with Cointelegraph, Lamb clarified that some OPNX services may still be unavailable in some jurisdictions within the EU. “This license gives us the ability to service the European region, but there are specific jurisdictions within the EU that do require specific licenses as well in order to operate certain services,” she stated, adding that OPNX is currently attempting to acquire those licenses. However, the current license will allow OPNX to provide spot trading services throughout the EU, with other services becoming available as further licenses are acquired.
Related: 3AC founders’ OPNX exchange claims to be funded by AppWorks, SIG
OPNX has been a controversial exchange since its inception. It was founded by Kyle Davies and Su Zhu, who also founded bankrupt crypto hedge fund Three Arrows Capital (3AC), along with Mark Lamb and Sudhu Arumugam, who founded bankrupt crypto exchange CoinFLEX. Because of its association with these prior bankruptcies, OPNX critics have claimed the exchange is unsafe to use. However, the exchange claims that it is helping bankruptcy creditors by allowing them to sell bankruptcy claims and get paid faster.
The Commodity Futures Trading Commission (CTFC) is reportedly contemplating taking enforcement action against the co-founder of a bankrupt crypto lender. According to a new report by Bloomberg, the CTFC is considering charging Stephen Ehrlich, the ex-chief executive of Voyager, of misleading customers about the safety of their assets after launching an investigation into the troubled […]
The post US Commodities Regulator Mulling Enforcement Action Against Co-Founder of Bankrupt Crypto Lender Voyager: Report appeared first on The Daily Hodl.
One of the co-founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) has reportedly been arrested in an airport in Singapore. According to a new report by The Business Times, 3AC co-founder Su Zhu has been apprehended at the Changi airport as he attempted to leave Singapore. Zhu has received a four-month jail sentence […]
The post 3AC Co-Founder Zhu Su Arrested at Airport, Receives Four Month Jail Sentence for Contempt of Court: Report appeared first on The Daily Hodl.
The approval is seen as a milestone moment for BlockFi's over 100,000 creditors, who have been long awaiting repayment.
The customers of bankrupt cryptocurrency lending platform BlockFi are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved its liquidation plan.
Bankruptcy Judge Michael A. Kaplan approved BlockFi's third amended Chapter 11 plan in a Sept. 26 court hearing, a filing on the same day shows.
The amount of repayment received by BlockFi's unsecured creditors will largely depend on whether BlockFi succeeds in its legal battle against FTX and other bankrupt cryptocurrency firms.
BlockFi's liquidation plan was approved after the firm settled a long-fought dispute with the creditors committee over the company’s senior management.
The now bankrupt lending platform blamed FTX's collapse for its own failure despite the creditor's committee citing concerns with BlockFi's relationship with FTX and its former CEO Sam Bankman-Fried.
Related: BlockFi asks court for permission to convert trade-only assets into stablecoins
Estimates show BlockFi owes up to $10 billion to over 100,000 creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital.
This is a developing story, and further information will be added as it becomes available.
Magazine: What do crypto exchanges really do with your money?
A regulatory agency in Singapore is hitting the founders of bankrupt crypto hedge fund Three Arrows Capital (3AC) with a nine-year ban a month after they got slapped with a huge fine from authorities in Dubai. In a new announcement, the Monetary Authority of Singapore (MAS) says that 3AC founders Kyle Davies and Zhu Su […]
The post 3AC Founders Kyle Davies and Zhu Su Slapped With Nine-Year Ban by Singapore Regulator a Month After Dubai Fines appeared first on The Daily Hodl.
Three Arrows Capital founders Kyle Davies and Zhu Su are barred from regulated activities or acting as top execs at any financial firm in Singapore.
Singapore's central bank has issued nine-year prohibition orders to Kyle Davies and Zhu Su over alleged violations of the country's securities laws at their co-founded crypto hedge fund Three Arrows Capital (3AC).
In a Sept. 14 statement, the Monetary Authority of Singapore (MAS) said Su and Davies will be banned from regulated activities during the prohibition period that started Sept. 13.
They also won't be permitted to manage, act as a director, or be a substantial shareholder of any capital market services business in Singapore.
In its decision to bar the pair, MAS said it found further securities law violations when it undertook further investigations into the bankrupt 3AC and its co-founders.
MAS claimed Su and Davies failed to notify the central bank that 3AC employed a new business representative, gave false information to the regulator, and failed to have an appropriate risk management framework in place.
Related: Huobi’s new name, HTX, raises community eyebrows
Loo Siew Yee, MAS' assistant managing director of policy, payments and financial crime said “MAS takes a serious view of Mr Zhu’s and Mr Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties."
"MAS will take action to weed out senior managers who commit such misconduct” she added.
Magazine: Asia Express: Tencent’s AI leviathan, $83M scam busted, China’s influencer ban
