The regulator also alleged that the fund failed to notify about changes to directorships and shareholdings.
The central bank alleged that the beleaguered crypto hedge fund provided misleading information and also surpassed the assets under the management threshold permitted for a registered fund management company .“TAC had represented to MAS that it had novated the management of its fund to an unrelated offshore entity with effect from 1 September 2021. However, this representation was misleading as TAC and the offshore entity shared a common shareholder, Mr. Su Zhu, who is also a director of TAC.
Furthermore, 3AC also did not notify the regulator regarding changes in the directorships and shareholdings of its directors within the required timeline, the MAS said. The organization revealed that it will now investigate if 3AC was involved in any further breaches of its regulations. Once a high-profile crypto entity and a darling of last year’s bull market, 3AC has run into difficulties following the sharp sell-off in the market in the past months.Crypto broker Voyager Digital issued a default notice after 3AC failed to make payments on a loan of 15,250 BTC and $350 million worth of USDC.the Singapore-based crypto hedge fund into liquidation.
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