The founders of bankrupt cryptocurrency hedge fund Three Arrows Capital have been barred by Singapore's central bank from market activity in the city-state for nine years due to the fund's collapse.
Singapore's financial regulator has issued a nine-year prohibition order against the founders of Three Arrows Capital, Su Zhu and Kyle Davies, preventing them from participating in the regulated financial services industry due to providing false information to the public and failing to comply with regulatory requirements.
Summary: Valkyrie will be offering exposure to Ether futures through its Bitcoin Strategy ETF, becoming one of the first firms to do so amid pending applications with the US Securities and Exchange Commission; Sam Bankman-Fried, former CEO of FTX, is set to stand trial over fraud charges beginning on October 4th and lasting until November 9th and, meanwhile, Su Zhu, co-founder of Three Arrows Capital (3AC), has been arrested in Singapore as part of an ongoing investigation to retrieve funds for 3AC's creditors.
The arrest of Open Exchange co-founder Su Zhu caused the value of the exchange's OX token to crash, resulting in a significant drop in market capitalization and a decline of over 80% from its all-time high. Zhu's arrest is related to his involvement with the now-defunct crypto hedge fund Three Arrows Capital.
Crypto businessman Su Zhu's $36 million luxury property in Singapore has been converted into an eco-farm called "Yarwood Homestead" after his hedge fund, Three Arrows Capital, collapsed, and Zhu was sentenced to four months in prison.
