Singapore Regulator Accuses Three Arrows Capital of ‘Providing False Information’

The Monetary Authority of Singapore (MAS) has accused crypto fund Three Arrows Capital (3AC) of providing the it with “false information.”

3AC reportedly opened an entity in the British Virgin Islands and, according to the MAS, “novated the management of its fund to an unrelated offshore entity.”

The regulator now indicates, however, that “this representation was misleading” because Su Zhu, one of the fund’s founders, was also a shareholder in the BVI-based fund.

The MAS also reprimanded 3AC for did not notify the regulator of “changes in the directorships and shareholdings of its directors,” as well as breaching the allowable sum that 3AC could manage.

This notice comes hot on the heels of a recent order to liquidate 3AC.

Yesterday, a court in the British Virgin Islands ordered the liquidation of 3AC following the fund’s recent demise amid the crashing crypto market.

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