Singapore announces the company of 3AC for providing false information false information.
Singapore, Business, Venture Capital, Regulation ## Singapore, Business, Venture Capital, Regulation
The Singapore currency control (MAS) reprimanded the company Three Arrows Capital (3ac), which has fallen into trouble, for providing false information to the authorities. In a statement published on Thursday, MAS reported that the company violated capital requirements, having assets under control exceeding the permitted amount. When 3AC was registered as a company for managing funds in Singapore in 2013, it was allowed to manage funds for 30 investors in the amount of up to 180 million dollars. Earlier, the Fund notified Mas that he was changing its management to the British Virgin Islands. Three Arrows Capital, a hedge fund, founded in Singapore in 2012, incurred huge losses during the fall of the market in recent weeks, while bitcoin (BTC) hung in the region of $ 20,000 compared to previous maximums of more than $ 60,000. According to reports that appeared at the beginning of this month, Three Arrows Capital was potentially insolvent after it liquidated at least $ 400 million. According to reports, for the first time in two years, the company was not able to satisfy the requirements of its creditors to pay margin during a strong decline in the market this year. Blockfi, a cryptocurrency credit company, as they say, was supplied with 3AC bitcoin, but the company could not fulfill the margin requirement due to the bear market. On Wednesday, the British Virgin Islands forced the hedge fund to eliminate. It was reported that the decision was made on the same day when Voyager Digital sent a notification of non -fulfillment of 3ac obligations in connection with a loan non -payment of 15,250 bitcoins and 350 million US dollars (USDC). Similar: it is reported that the court of the British Virgin Islands ordered the elimination of 3ac On the other hand, these messages gave rise to 3C bankruptcy rumors. Despite this, the creators of the company continued to certify customers that they would do everything possible to find a fair solution. According to the founder of the company Kyle Davis, the company attracted legal and financial consultants to consider options such as selling assets and receiving a package of assistance from another company.