Cryptocurrency lender Hodlnaut, which is mired in financial woes, said that there are “pending proceedings” between the firm and the Singapore authorities, although it did not reveal more, the Straits Times reported. In a statement issued on Friday, it said the proceedings involve the Attorney-General’s Chambers and the Singapore Police Force, adding that it is unable to disclose any further information on the matter. In response to queries, the police said they are "unable to comment on the case as the matter is before the courts".
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Asia cryptocurrency exchange Zipmex Pte Ltd was granted more than three months of protection from creditors by Singapore’s High Court, giving the troubled firm breathing room to come up with a funding plan, Bloomberg News reported. Justice Aedit Abdullah gave each of the five Zipmex entities a moratorium until Dec. 2. That will shield the companies from potential creditor lawsuits. The firm operates out of Singapore, Thailand, Indonesia and Australia and was seeking a five-month protection from creditors to form a restructuring plan.
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Crypto exchange Zipmex will release Ethereum and Bitcoin tokens from this week, a spokesperson said on Monday, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product, Reuters reported. The Singapore-based Zipmex, which also operates in Thailand, Australia and Indonesia, in July halted withdrawals from Z Wallet, which it said had $53 million worth of cryptocurrencies exposed to Babel Finance and Celsius. Ethereum will be released on Thursday and Bitcoin on Aug. 16, the company said.
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Hodlnaut, a Singapore-based crypto currency lender and borrower, has suspended withdrawals, swaps and deposits, the company said on Monday, the latest sign of stress in the cryptocurrency industry, Reuters reported. The crypto lender also said it would withdraw its application for a licence from the Monetary Authority of Singapore (MAS) to provide digital token payment services, for which it received in principle approval in March. Hodlnaut said the move was "due to recent market conditions" and was "to focus on stabilising our liquidity and preserving assets".
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Crypto lender Vauld, which halted withdrawals earlier this month, is facing hostile action from multiple creditors, according to a new affidavit reviewed by Moneycontrol. As per the affidavit, Vauld has received two demand letters and two civil claims from four creditors. One of the letters demanded $340,000 in payment plus interest from Vauld, while the claim amounts of the other creditors were not mentioned in the affidavit. The lender owes $402 million to creditors, of which, $363 million belongs to individual retail investors.
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Singapore's key consumer price gauge rose at its fastest pace in more than 13 years, official data showed on Monday, increasing pressure on the central bank to consider tightening monetary policy again later this year if inflation pressures persist, Reuters reported. The data showed inflation rising across a broad set of categories including services, food, retail and utilities. The core inflation rate — the central bank's favoured price measure - rose to 4.4% in June on a year-on-year basis. A Reuters poll of economists had forecast a 4.2% increase in June.
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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.
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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