Singapore central bank slaps Three Arrows founders with 9-year trading ban

Singapore's central bank issued on Thursday nine-year prohibition orders against Su Zhu and Kyle Davies, the founder of collapsed cryptocurrency hedge fund Three Arrows Capital, effectively barring both men from market activity in the city-state. 3AC, as it's known, imploded last year as its leveraged crypto wagers went sour , in a move that accelerated a $2T market rout and led to a series of other bankruptcies in the space. The orders, which take effect from September 13, also prohibit Zhu and Davies from managing, acting as directors of, or becoming substantial shareholders of any capital market services company under the Securities and Futures Act, according to a statement by the Monetary Authority of Singapore. The MAS accused 3AC, which was ordered to liquidate by a court in the British Virgin Islands in June 2022, of providing false information and failing to use an appropriate risk-management framework. “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 . More on Three Arrows Capital: Founder of bankrupt Three Arrows Capital nowhere to be found Three Arrows Capital owes $2.36B to Genesis Voyager Digital issues default notice to Three Arrows Capital