While in the short-term, this allowed 3AC to expand its reach far and wide throughout the Web3 space, the success of this strategy was contingent on each of their investments appreciating in value. Immediately following their defaulted loan, a British Virgin Islands court ordered the immediate liquidation of the fund and its remaining assets. SINGAPORE, June 30 (Reuters) - Singapore's financial regulator has accused embattled crypto hedge fund Three Arrows Capital of exceeding its assets threshold and providing false information. On June 15, Zhu Su one of Three Arrows co-founders posted an ominous tweet stating that the crypto hedge fund was fully committed to working this out. Some users were quick to surmise that this referred to the companys rapidly mounting debt, mostly due in part to the plummeting value of its portfolio. It also said 3AC exceeded its S$250 million ($179 million) assets-under-management cap during two periods in 2020 and 2021. Three Arrows (3AC) is one of the highest profile investors hit by the sharp sell-off in crypto markets and is being liquidated, Reuters reported on Wednesday, citing a source familiar with the matter. 0000015553 00000 n
0000002550 00000 n. "Difference Between CPI and GDP Deflator." Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Reporting by Tom Westbrook; editing by Jason Neely, Bankinter's Q2 net profit rises 21% on like-for-like basis, Australian BNPL Zip weighs US, Europe charges, 'deprioritises' crypto, Russia's central bank eases more currency controls, Hungary central bank leaves one-week deposit rate on hold at 9.75% at tender, Russian consumer prices dip again as cenbank rate meeting looms, See here for a complete list of exchanges and delays. substitution bias and difference between gdp deflator and cpi is called 2020, A Philip Randolph March On Washington Speech, Credit Score Needed For Verizon Credit Card. Love podcasts or audiobooks? current Founder, Chief Executive Officer, Su Zhu, CBI websites generally use certain cookies to enable better interactions with. A quick 3min read about today's crypto news! Bitcoin has halved in value against the dollar this quarter, which is set to be its worst on record. 0000012884 00000 n
The first difference is that the GDP deflator measures the prices of all goods and services produced, whereas the CPI or RPI measures the prices of only the goods and services bought by consumers. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. The turmoil in crypto markets has turned some so-called "stablecoins" volatile, prompted heavy stock falls and job cuts at crypto exchanges and seen some lenders including the high-profile Celsius platform freeze withdrawals. Crypto News 12/20: Bitcoin has still not bottomed out with Ripple, Shiba Inu, Nexo, Dogecoin and NFT news - CoinCu News. A weekly newsletter breaking down where the top VCs are investing in web3/crypto. <<5D915750FBB2A042BA9B959C2392266E>]>>
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Problems in measuring cost of living Question 5 5 out of 5 points Which option best describes Voluntary Export Restriction? read more. According to data compiled by crypto research firm 21shares, 3AC owns a total of 377 NFTs, which includes 11 CryptoPunks, 330 ArtBlocksCurated, 2 Mutant Apes, 1 Bored Ape, as well as other NFTs from other popular collections. Chapter 15 bankruptcy enables "cooperation between U.S. courts and foreign courts" and is typically filed in an effort to protect the debtors assets. A Piramal Group-led consortium, IndusInd International, Oaktree Capital and Cosmea Financial are among resolution applicants actively considering a bid for Reliance Capital as an entire company, said two people aware of the development. In the wide world of Web3, hacking attacks are far from the only threat you need to worry about with regard to the security of your assets. Copyright 2022 CB Information Services, Inc. All rights reserved. An important difference between the GDP deflator and the consumer price index is that. producer price index. Start here with our NFT 101 guide. As of now, assuming average prices, 3AC's NFT portfolio is worth USD 7,524,617, according to Dune Analytics. The company reportedly managed as much as USD 10 billion in assets as recently as March. NFTs owned by 3AC CryptoPunks ArtBlocksCurated PEGZ DeafbeefV2 Autoglyphs ArtBlocks MutantApeYachtClub ChromieSquiggle BoredApeYachtClub Cypher@DuneAnalytics dashboard by @21Shares pic.twitter.com/WzVQi8DNqN. 7 Temasek Boulevard #21-04 Suntec Tower One. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. The company's CryptoPunks, worth over USD 3m, account for more than 40% of that figure. This will alert our moderators to take action. Every week we simplify the market into key points so you can stay up to date on market trends, upcoming drops, top project guides and much more! In recent stories, a constant theme is being pushed that Ethereum is more valuable than Bitcoin.. TEAMTALKS #13 PURK: MONETISING CONTENT WITH BUILT-IN PRIVACY AND PERSONAL WALLET ADRESSES, Union Square Ventures crypto portfolio breakdown, DeFi Insight: The Meltdown of Terra UST Stablecoin, How to Not Get Separated from Your Crypto Tokens Forcibly, Cryptocurrencies arent a technology questionPart 1, why its about servers not code. site you are consenting to these choices. Download The Economic Times News App to get Daily Market Updates & Live Business News. By continuing to use this site you are consenting to these choices. Unfortunately, theres speculation that these supposed sales wont go towards repaying 3ACs massive debt, and will instead be sent over to Dubai where Zhu is reportedly relocating to. International Token Standardization Association. Learn on the go with our new app. Most notably, this included the purchase of Ringers #879 for 1,800 ETH in August 2021, which at the time was valued at $5.9 million. 0000012111 00000 n
Selected Answer: a. You can read more about your cookie choices at our privacy policyhere. Three Arrows Capital is a hedge fund manager that aims to provide superior risk-adjusted returns. 
Moreover, its ArtBlocksCurated NFTs are worth around USD 2.5m. You can read more about your. Their latest investment was in Laevitas as part of their Seed VC on June 6, 2022. MAS said 3AC failed to inform it quickly enough of changes to directors and their shareholdings. Your Reason has been Reported to the admin. read more. Three Arrows Capital recently partnered with Nexo on December 12, 2021. read more, Crypto broker Voyager Digital issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (about $290 million) and $350 million worth of USDC, a stablecoin. Thanks to the transparency of court documents, the public knows how much the beleaguered crypto hedge fund owes different creditors; the second largest crypto by market cap has risen about 50% over the past week. Three Arrows Capital did not immediately respond to enquiries sent outside business hours on Thursday. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. CBI websites generally use certain cookies to enable better interactions with our sites and services. Crypto hedge fund Three Arrows Capital has entered liquidation, source says. It was last seen at $19,059, a far cry from a peak of $69,000 in November. This confirms rumors that have been circulating online over the last month of the funds swiftly deteriorating status. While this may seem like an insignificant amount compared to the billions in crypto managed by the fund, a sizeable chunk of its NFT collection consists of highly sought-after blue-chip NFTs. Choose your reason below and click on the Report button. a Remember the quantities are changing as we move from one year to the next in 0000008186 00000 n
Therefore, the price increase will not affect the CPI. Troubled Crypto Fund Three Arrows Capital Has USD 7.5M Worth of Blue-Chip NFTs - Report, Crypto Chaos Continues as Loans Firm Cuts Withdrawal Limit, 3AC Moves Funds, & Celsius Apparently Pays Maker, Crypto Turmoil: 3AC Files for Bankruptcy, FTX and BlockFi Agree, Suspensions at Voyager, Three Arrows CEO Zhu Su Seeks to Sell Luxury Singapore Mansion Reports, Celsius Positions are Now Healthier, Three Arrows Capital Was a 'Victim of Contagion' - Nansen, Troubled Vauld May Be Acquired and Come Under Nexo Umbrella, Bitcoin, Ethereum, and Altcoins Correct Gains, Crypto.com CEO Rushes to Calm the Market as Rumors Flourish, EU Lawmakers Want Anti-Money Laundering Rules To Cover NFTs, An Ethereum Name Service Domain Sells For USD 345,000 Amid Market Crash. Recent court documents have also surfaced online showing that the fund has formally filed for bankruptcy under Chapter 15 of the U.S. bankruptcy code in light of its multi-national investor base. Notably, aside from acquiring high-value NFTs as investments under 3AC itself, the funds founders also linked up with noted collector VincentVanDough to start up Starry Night Capital, an NFT fund that hoped to pour $100 million into the NFT community via a series of high-value purchases. The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution. Among 3ACs high-ticket assets were $7.5 million in NFTs, according to a report on Dune. Since its foundation in 2012, Singapore-based crypto hedge fund Three Arrows Capital (3AC) has amassed a portfolio of digital assets valued at over $10 billion during the peak of 2021s bull market. The industry leader for online information for tax, accounting and finance professionals. substitution bias. As 3AC continues its process of liquidation, you can expect to see pieces from its collection gradually re-enter the market. 0000000016 00000 n
As a result, the GDP deflator increases. Given the current state of both the crypto and NFT markets at large, this has left 3AC with no real way to pay back the significant amount of the debt it has taken on. 
For some, particularly for those dealing with portfolios totaling in the millions, the biggest threat can be the market itself. The partnership with Arrows Capital will leverage Nexo 's ability to issue crypto loans with significant hedging , capital funding and liquidation mechanisms . Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
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