Singapore law firms Advocatus Law, Solitaire LLP, WongPartnership, Latham & Watkins and offshore firm Ogier are advising on the downfall of cryptocurrency-focused hedge fund Three Arrows Capital Ltd (3AC), law.com reported. Until April this year, 3AC, which was established in 2012, had roughly $3 billion in assets under management. Its downfall was triggered in part by the collapse of algorithmic stablecoin, TerraUSD, and its sister token Luna in May.
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The Zipmex cryptocurrency exchange on Wednesday blocked users from taking direct custody of their coins, citing volatile market conditions, Coin Desk reported. "Due to a combination of circumstances beyond our control, including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice," the exchange announced on Twitter.
Crypto hedge fund Three Arrows Capital (3AC) is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows foreign debtors to shield U.S. assets, according to a court filing on Friday, Reuters reported. Singapore-based 3AC is one of the highest-profile investors hit by the sharp sell-off in crypto markets and is being liquidated, Reuters reported on Wednesday. Representatives for 3AC filed a petition in the U.S. Bankruptcy Court for the Southern District of New York on Friday, according to court documents.
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Singapore’s top financial regulator reprimanded the cryptocurrency hedge fund Three Arrows Capital, saying that it supplied false information to officials and managed more assets than allowed, the Wall Street Journal reported. The firm, which was recently ordered to liquidate by a court in the British Virgin lslands, previously gave false or misleading information to regulators when it transferred management of its fund in September 2021 to an entity in the offshore tax haven, the Monetary Authority of Singapore said Thursday.
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A Singapore court has charged 47-year-old U.K. national James Henry O’Sullivan with two additional counts of allegedly abetting falsification of documents, according to local police, Bloomberg News reported. O’Sullivan allegedly helped Singaporean businessman R. Shanmugaratnam to falsify documents and issue letters that falsely claimed certain amounts of money were held in a bank under escrow, the Singapore Police Force said Thursday in a statement on its website.
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Singapore authorities aim to conclude their probe of commodity trader Noble Group Ltd. and its subsidiary for potential breaches by the third quarter, with investigations now at an advanced stage, Bloomberg News reported. The investigations -- which have been ongoing since November 2018 -- involve suspected disclosure-related offenses, according to the Monetary Authority of Singapore’s enforcement report published on Wednesday.
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Singapore's key consumer price gauge rose in March by its fastest pace in a decade, outpacing economist forecasts, driven by higher inflation for food and services, official data showed on Monday, Reuters reported. The core inflation rate — the central bank's favoured price measure - rose to 2.9% in March on a year-on-year basis, the highest since March 2012. A Reuters poll of economists had forecast a 2.4% increase.
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Singapore's central bank tightened its monetary policy settings on Tuesday in its first out-of-cycle move in seven years, as global supply constraints and brisk economic demand elevate inflation pressures across the region, Reuters reported. The city-state's trade-dependent economy is highly susceptible to swings in global inflation and the central bank's sudden move comes as price pressures ring alarm bells for policymakers elsewhere in Asia.
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Singapore Airlines Ltd. became the first carrier to tap the debt market for dollars in 2022, raising funds at a discount to peers thanks to its government backing, Bloomberg News reported. The flag carrier sold $600 million of seven-year bonds to yield 3.493%. That’s nearly a percentage point lower than the average yield at issuance for global airline notes sold in 2021, according to Bloomberg-compiled data. In 2021 Air Canada borrowed for five years at 3.875% while United Airlines Holdings Inc. had a 4.625% yield at issue for 8 years, the data show.
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Singapore is about to get its first blank-check listings, as special purpose acquisition companies backed by Temasek Holdings Pte. and Tikehau Capital SCA kicked off their sales, Bloomberg News reported. Vertex Technology Acquisition Corporation Ltd., sponsored by state investor Temasek’s Vertex Venture Holdings Ltd., is seeking at least S$170 million ($125 million) in its initial public offering, while Tikehau-backed Pegasus Asia could raise at least S$150 million, prospectuses filed on Thursday showed.
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