Singapore central bank bars 3AC founders from market activity

By Chen Lin

SINGAPORE (Reuters) – Singapore’s central bank said on Thursday it has barred the founders of bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC) from market activity in the city-state for nine years.

Three Arrows was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD in May. It filed for bankruptcy in the British Virgin Islands in late June.

The Monetary Authority of Singapore (MAS) said in a statement it had issued orders, which, effective from Sept 13, prohibit 3AC founder Zhu Su and Kyle Livingston Davies from performing any regulated activity and from managing any capital market services firms in Singapore.

“Senior management of fund managers are required to implement robust risk management measures to protect the interest of investors,” Loo Siew Yee, MAS Assistant Managing Director said.

Zhu and Davies’ whereabouts are unknown.

Representatives for Zhu and Davies could not immediately be reached for comment.

(This story has been refiled to fix the surname to ‘Zhu’, not ‘Su’, in paragraph 5)

(Editing by Kanupriya Kapoor)