Bitcoin 
The crypto hedge fund Three Arrows is being forced to liquidate by a British Virgin Island court, and the Monetary Authority of Singapore has claimed that the fund gave them false information.
“TAC had represented to MAS that it had novated the management of its fund to an unrelated offshore entity with effect from 1 September 2021. However, this representation was misleading as TAC and the offshore entity shared a common shareholder, Mr Su Zhu, who is also a director of TAC,” wrote MAS.
Before Sky News reported on the forced liquidation, Three Arrows Capital had defaulted ona. $670 million loan from Voyager Digital.
Full Video Transcript Below:
Crypto Winter has seen billions of dollars wiped away from the markets, massive layoffs, and now its causing a top hedge fund to liquidate. Earlier this week, Three Arrows Capital defaulted on a 670 million dollar loan.
Now they are being ordered by a British Virgin Island courts to liquidate. On top of that, the Monetary Authority of Singapore claims that the fund gave them false information. In fact, Three Arrows had failed to notify MAS that it had moved the fund “to an unrelated offshore entity” and it was misleading since Su Zhu, one of the founders, was also a shareholder in the fund based in the British Virgin Islands.
The MAS claims that the fund exceeded the $250 million AUM limit, not once but twice. Crypto winter was further exacerbated by Celsius freezing withdrawals…do you see more companies becoming insolvent?
