City Singapore Financial News

The liquidators of failed crypto hedge fund Three Arrows Capital (3AC) have filed an application in the High Court of Singapore for a stay on claims against 3AC and access to the company’s Singapore headquarters. The liquidators said in the 1,157-page document that a court decision is needed in light of the number legal proceedings that may arise in the near future and the “virtual radio silence from the management/directors of the Company.”

One of Asia's biggest blockchain events is due to take place within weeks — and it's going to feature an eight-day hackathon.

Crypto lender Celsius Network reveals $1.19 billion hole in bankruptcy filing

Celsius Network listed a $1.19 billion deficit on its balance sheet in a bankruptcy court filing on Thursday, a day after the cryptocurrency lender filed for Chapter 11. New Jersey-based Celsius froze withdrawals last month, citing «extreme» market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. In the filing at the U.S. Bankruptcy Court for Southern District of New York on Thursday, Celsius also said it had $40 million in claims against Singapore-based Three Arrows Capital, a crypto hedge fund that filed for bankruptcy earlier this month.

New Jersey-based Celsius froze withdrawals last month.

Unifarm has collaborated with Singapore-based Router Protocol to enable seamless transfer of tokens across multiple chains. Unifarm has a grant from Router Protocol to use their SDK to build ‘Setu’ that comes as a part of a larger round with participation from various blockchain funds and investors. UniFarm will utilize Router’s SDK for building ‘Setu’ and secures a grant from Router Protocol to drive mass adoption of products and services available on web3.

A United States (U.S.) court has given liquidators permission to subpoena the founders of crypto investment firm Three Arrows Capital (3AC), including Su Zhu and Kyle Davies.

Jon Cunliffe, deputy governor for financial stability at the Bank of England, has called for a clear regulatory framework for crypto to address risks amid the recent market downturn.

Founders of troubled major crypto hedge fund Three Arrows Capital (3AC) and their families "have received threats of physical violence," according to seemingly a screenshot of an email, shared by Su Zhu, the co-founder of the fund, today.

SINGAPORE — Temasek Holdings reported Tuesday that the net value of its portfolio grew to $286.48 billion (403 billion Singapore dollars) at the end of March — that's S$22 billion higher than the previous year, surpassing last year's record high.

Su Zhu and Kyle Davies, the founders of Three Arrows Capital (3AC), the beleaguered crypto hedge fund, might have fled Singapore and their whereabouts are unknown, the firm’s lawyers said in its bankruptcy filing.

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Embattled crypto investment firm Three Arrows Capital (3AC), which has recently filed for bankruptcy, ostensibly holds more than USD 7.5m worth of blue-chip NFTs.

Singapore-based crypto lender Vauld may get acquired by major crypto lender Nexo (NEXO).

Vauld has suspended all deposits and withdrawals. The decision comes amid a broader volatility in the cryptocurrency market and as the platform faces financial challenges. Vauld is looking at a potential restructuring. “This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate,” said chief executive officer (CEO) Darshan Bathija in a statement on the company’s website on Monday. “All this has led to a significant amount of customer withdrawals over $197.7 million since June 12, when the decline of the cryptocurrency market was triggered by the collapse of Terraform Lab’s UST stablecoin, Celsius network pausing withdrawals, and Three Arrows Capital defaulting on their loans.”

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Singapore-based crypto exchange Vauld is the latest crypto platform to suspend all withdrawals, deposits, and trading citing "financial challenges" amid lingering sour market conditions.

The exchange said it is "facing financial challenges" amid the crypto market meltdown.

Crypto contagion claims another casualty. In a statement, Singapore-based crypto exchange Vauld has made the “difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect.”

The Three Arrows Capital [3AC] crisis sees no end even after the news of insolvency was confirmed. The Singapore-based crypto hedge fund has filed for Chapter 15 Bankruptcy Protection as per the Financial Times. However, the leak has spread to other crypto institutions and the crypto market continues to bleed in these circumstances.

Crypto hedge fund Three Arrows files for Chapter 15 bankruptcy