Terra

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<p>Singapore's financial watchdog, the Monetary Authority of Singapore (MAS), <a href="https://www.sgpc.gov.sg/detail?url=/media_releases/mas/press_release/P-20230914-1&amp;authkey=e57c04c7-59be-44a5-be72-94be999377f4" rel="noopener noreferrer nofollow">has barred</a> <a href="https://u.today/vitalik-buterin-makes-fun-of-3ac-founder-zhu-sus-superyacht-used-to-impress-investors" rel="noopener noreferrer nofollow">Zhu Su</a> and Kyle Davies, the minds behind the formerly high-flying cryptocurrency hedge fund Three Arrows Capital (3AC), from participating in the country's capital markets for a period of nine years.&nbsp;</p> 
<p>This development follows a series of regulatory breaches, including deceptive disclosures and the lack of a sufficient risk management infrastructure.</p> 
<h2 id="flagrant-disregard-of-regulation">"Flagrant disregard" of regulation &nbsp;</h2> 
<p>The prohibitory orders result from numerous breaches of critical financial legislation.</p> 
<p>In particular, <a href="https://u.today/co-founder-of-3ac-gives-his-predictions-for-2023" rel="noopener noreferrer nofollow">3AC</a> failed to keep MAS informed about shifts in its directorial board and ownership stakes, deceived the authority with misleading employment data, and lacked a comprehensive risk mitigation strategy for its digital asset and cryptocurrency investments.&nbsp;</p> 
<p>The <a href="https://u.today/singaporean-crypto-exchange-next-to-close-doors-after-ftx-collapse" rel="noopener noreferrer nofollow">Singaporean</a> authorities view the founders' open flouting of regulatory norms as a serious matter.</p> 
<h2 id="latest-developments-surrounding-3ac">Latest developments surrounding 3AC</h2> 
<p>This clampdown by MAS adds to the litany of woes for the beleaguered 3AC. The firm went insolvent last year after suffering heavy financial losses due to the implosion of the Terra ecosystem.&nbsp;</p> 
<p>Liquidators are now pursuing roughly $1.3 billion from the founders of the <a href="https://u.today/3ac-hedge-fund-investigated-by-us-regulators" rel="noopener noreferrer nofollow">hedge fund</a>.&nbsp;</p> 
<p>Additionally, 3AC's global activities have not escaped regulatory scrutiny; the fund received an official rebuke from Dubai's Virtual Assets Regulatory Authority in May for their co-founded exchange, OPNX, operating without proper authorization.</p>

Three Arrows Capital Founders Hit with Nine-Year Ban by Singapore's MAS

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