Singapore

Potential buyers are inquiring about purchasing the struggling crypto lender Hodlnaut and its claims against bankrupt digital-asset exchange FTX, Bloomberg News reported. “Various parties who are interested in acquiring” Singapore-based Hodlnaut’s crypto platform and FTX claims have contacted the interim judicial managers overseeing the company after it sought protection from creditors, according to an affidavit seen by Bloomberg News. The judicial managers are in the process of signing non-disclosure agreements with the potential investors, the document shows.

The co-founders of failed cryptocurrency hedge fund Three Arrows Capital are now courting investors for a new venture that looks to capitalize on a growing list of bankruptcies in the space, CNBC.com reported. Kyle Davies and Su Zhu are listed as founding members in a pitch deck obtained by CNBC for a distressed debt marketplace called GTX. Davies and Zhu founded Three Arrows Capital, a once $10 billion Singapore-based hedge fund that filed for bankruptcy in July.

Binance, the world's largest crypto exchange by trading volume, is making a new public effort to show it's taking compliance in the crypto market seriously, YahooFinance.com reported. On Friday, the company announced it will join the Association of Certified Sanctions Specialists (ACSS) to enhance the expertise of its international compliance team.

Singapore’s recovery held up in 2022, with a relatively strong year-end performance shoring up the economy ahead of an expected global slowdown this year, Bloomberg News reported. Gross domestic product grew 3.8% during the year, according to advance estimates Tuesday from the Ministry of Trade and Industry. That’s a slight beat from the government’s projection for a 3.5% annual expansion. The better-than-forecast performance followed a 2.2% GDP expansion in the three months through December from a year earlier. The economy grew 0.2% last quarter from the previous three months.

Amber Group, one of Asia’s leading crypto trading and lending platforms, is cutting jobs, scrapping retail operations and terminating a sponsorship deal with Chelsea FC in the latest retrenchment to hit the digital-asset sector, Bloomberg News reported. The decisions are part of a major cost-cutting strategy, according to a person familiar with the matter, who asked not to be identified discussing private information.

A U.S. bankruptcy judge ordered the founders of Singapore-based Three Arrows Capital Ltd. to turn over records related to the failed cryptocurrency hedge fund’s assets to its liquidators, WSJ Pro Bankruptcy reported. Judge Martin Glenn of the U.S. Bankruptcy Court in New York granted the liquidators’ request to subpoena Three Arrows founders Su Zhu and Kyle Davies as part of an effort to recover the hedge fund’s assets. Messrs.

Singapore’s government faces increased scrutiny over the fallout from the collapse of Sam Bankman-Fried’s FTX crypto empire, Bloomberg News reported. Prime Minister Lee Hsien Loong and Deputy Prime Minster Lawrence Wong face a raft of parliamentary questions this week over the losses incurred by retail investors and the due diligence undertaken by state-owned investor Temasek Holdings Pte, which wrote down its entire $275 million investment in FTX. The FTX exchange collapsed into bankruptcy on Nov.

FTX’s investors are continuing to deal with the fallout from the cryptocurrency exchange’s bankruptcy. In a statement today, Temasek, the investment firm owned by Singapore’s government, said it wrote down its full investment in FTX, “irrespective of the outcome of FTX’s bankruptcy protection filing,” TechCrunch.com reported. Temasek invested $210 million USD in FTX international, giving it a minority stake of about 1%. It also invested $65 million for a minority stake of about 1.5% in FTX US, in two funding rounds from October 2021 to January 2022.

Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction, the Wall Street Journal reported. Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.