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.

Trafigura Group’s head of power trading in Asia has left the commodities giant, Bloomberg News reported. Ben Ernst, who managed a team of traders out of Trafigura’s Singapore office, left after almost two years in the role, said the people, who asked not to be identified discussing private information. He had previously spent 13 years at ERM Power, now Shell Energy Australia. Trafigura’s Asia power book is said to have struggled in turbulent conditions, according to the people.

Singapore on Monday announced new work visa rules to woo foreign talent as the Asian financial hub looks to bolster its recovery from the COVID-19 pandemic, Reuters reported. The measures include a new five-year visa for people earning at least S$30,000 ($21,445.42) a month that allows holders to job for multiple companies at one time and grants their spouses eligibility to work. The new visa will be available from January.

Three Arrows Capital Ltd.’s liquidators secured a key court decision in Singapore that may give them greater insight into the collapsed crypto hedge fund’s remaining assets in a major jurisdiction, Bloomberg News reported. The Singapore High Court on Monday granted a petition by advisory firm Teneo, which in June was appointed by a British Virgin Islands court to liquidate Three Arrows, to recognize the liquidation order in the country, the people said, asking not to be named as the proceedings were private. Teneo is trying to round up and preserve the hedge fund’s assets.

Commodity trader Noble Group Ltd will pay a S$12.6 million ($9.03 million) penalty for releasing 'misleading' information in its financial statements between 2012 and 2016, the Monetary Authority of Singapore said on Wednesday, Reuters reported. The company, which was once the biggest commodity trader in Asia, saw its market value all but wiped out from $6 billion in 2015 after accusation of inflating its assets, forcing it to sell billions of dollars of assets, taking hefty writedowns and cut hundreds of jobs.