Singapore Central Bank Reprimands Three Arrows Capital for Providing False Information

Singapore’s central bank, the Monetary Authority of Singapore (MAS), reprimanded embattled hedge fund Three Arrows Capital for providing false information.

• MAS said the fund gave misleading information to the regulator and exceeded the threshold set for assets under management, the regulator said in a statement published on Thursday.
• 3AC, as the fund is also called, was allowed to manage funds for 30 investors up to S$250 million ($180 million) when it registered as a fund management company in Singapore in 2013, MAS said. The fund had notified MAS that it had changed its management ot a British Virign Islands
• The fund, founded in Singapore in 2012, has seen heavy losses during a market rout that has had bitcoin (BTC) hovering around $20,000 in recent weeks, compared to peaks of $60,000 earlier this year.
• Three Arrows Capital was reported as possibly insolvent mid-June after it incurred at least $400 million in liquidations.
• British Virgin Islands ordered 3AC’s local entity into a liquidation phase on Wednesday.
• 3AC did not respond to request for comment at press time.

Read more: FSInsight Accuses Three Arrows Capital of Running a ‘Madoff-Style Ponzi Scheme’