Singapore central bank bars 3AC founders from market activity


FILE PHOTO: A view of the Monetary Authority of Singapore's headquarters in Singapore June 28, 2017. Picture taken June 28, 2017. REUTERS/Darren Whiteside/File Photo

SINGAPORE (Reuters) - Singapore's central bank said on Thursday it has barred the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) from market activity in the city-state for nine years.

Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May. It filed for bankruptcy in the British Virgin Islands in late June.

The Monetary Authority of Singapore (MAS) said in a statement it had issued orders, which, effective from Sept 13, prohibit 3AC founder Zhu Su and Kyle Livingston Davies from performing any regulated activity and from managing any capital market services firms in Singapore.

"Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors," Loo Siew Yee, MAS Assistant Managing Director said.

Zhu and Davies' whereabouts are unknown.

Representatives for Zhu and Davies could not immediately be reached for comment.

(This story has been refiled to fix the surname to 'Zhu', not 'Su', in paragraph 5)

(Editing by Kanupriya Kapoor)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Tech News

Musk now says it's 'pointless' to build a $25,000 Tesla for human drivers
Google defeats lawsuit over gift card fraud
Russian court fines Apple for not deleting two podcasts, RIA reports
GlobalFoundries forecasts upbeat Q4 results on strong demand from smartphone makers
Emerson sharpens automation focus with offer for rest of AspenTech in $15 billion deal
Palantir shares surge to record as AI boom powers forecast raise
Tax fraud investigators search Netflix offices in Paris and Amsterdam, says source
Singapore's Keppel to buy Japanese AI-ready data centre
Tesla increases wages for staff at German gigafactory by 4%
Apple explores push into smart glasses with ‘Atlas’ user study

Others Also Read