Latest news with #3AC
Yahoo
05-07-2025
- Business
- Yahoo
Bitcoin Long-Term Holders Signal Patience in Market
According to Glassnode, long-term holders (LTHs) are defined as investors who have held bitcoin (BTC) for at least 155 days. CoinDesk Research indicates that one reason bitcoin has ye to reach new all-time highs has been selling pressure from these long-term holders. However, zooming out, Glassnode data shows that the percentage of bitcoin's circulating supply that has not moved in at least three years currently stands at 45%, which is the same level observed in February 2024, one month after the launch of the US exchange-traded fund. Three years ago, in July 2022, the market was in the midst of the leverage crisis triggered by the collapse of 3AC and Celsius during the last bear market, when bitcoin was priced at $20,000, which shows the conviction of LTHs. Meanwhile, the share of circulating supply that has not moved in at least five years is at 30% and has remained flat since May 2024. So, even though long-term holders are selling, as they typically do when prices climb higher, these data points suggest that the broader cohort has not significantly changed its aggregate behavior for over a year now, implying that many are waiting for higher prices before making further in to access your portfolio
Singapore Law Watch
25-06-2025
- Business
- Singapore Law Watch
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside Source: Business Times Article Date: 25 Jun 2025 Author: Tessa Oh But Court of Appeal overturns lower court decision that allows liquidators to examine co-founder Zhu Su. The Court of Appeal on Tuesday (Jun 24) dismissed an application by the founders of Three Arrows Capital (3AC) to set aside orders requiring them to disclose their dealings with their now-defunct cryptocurrency fund. Chief Justice Sundaresh Menon, however, overturned a lower court decision that allowed liquidators to examine its co-founder Zhu Su following the collapse of 3AC in 2022. In October 2022, 3AC and its two founders, Zhu and Kyle Davies, were ordered by the court to disclose their dealings with the hedge fund – including any relevant books, papers, or records – to liquidators. However, both Zhu and Davies failed to comply with the disclosure order, prompting the liquidators to file two orders initiating contempt of court proceedings against them. Both men were subsequently sentenced to four months' jail for the offence. In 2023, Zhu and Davies applied to the court to have all three orders set aside, which was dismissed. They took their appeal against that decision to the Court of Appeal, in a hearing in April. Separately, following Zhu's arrest on Sep 29, 2023, liquidators sought an examination order from the court, believing that his incarceration will give them an opportunity to obtain more information about the affairs of the cryptocurrency fund. Following this, the liquidators commenced proceedings against Zhu and Davies in the British Virgin Islands, in which they sought to recover US$66 million which Zhu allegedly owed to the hedge fund. Zhu then applied for the examination order, as well as further orders for him to provide additional answers and appear for further examination, to be set aside. This application was also dismissed. 'Deliberate decision' to evade liquidators In his judgement, the chief justice ruled that the lower court had correctly dismissed the founders' applications to set aside the disclosure order, as well as the two orders relating to the contempt of court proceedings. In the April hearing, Zhu and Davies' lawyers were under the impression that they were cooperating with the liquidators' requests for information and did not think that committal orders would be sought against them. But this is 'no answer at all', said Chief Justice Menon, who noted that the founders were aware of the disclosure order by Jan 5, 2023, but had no explanation as to why they waited 10 months before filing to have the orders set aside. Their applications were also made well after the 14-day deadline prescribed in the Rules of Court 2021. Furthermore, Zhu and Davies' argument that they thought they had been cooperating with liquidators in good faith 'said nothing about whether the setting-aside applications had been brought within time, or whether there were grounds for extending time', he added. 'We are with the inference the judge drew, which is that (Zhu and Davies) deliberately chose not to take any steps to set aside the disclosure order because they thought they could remain out of reach of its enforcement. 'In such circumstances, we see no good reason why (Zhu and Davies) should be allowed to revisit the question 10 months later of whether the disclosure order should even have been made against them in the first place.' 'A delay of this time is patently unreasonable,' he added. 'Therefore, we hold that (the founders) were out of time to bring the setting-aside applications against the disclosure order.' The chief justice also noted that Zhu and Davies, being the only directors of 3AC, chose to discharge the company's lawyers a few days before the hearing for the disclosure order was to be heard. '(This) suggested a deliberate decision by (Zhu and Davies) to evade the efforts of the liquidators to gather the necessary information pertaining to the company,' he wrote. As for the application relating to the examination order, Chief Justice Menon said the order is not an appropriate means for the liquidators to obtain information from the founders. This is given that the liquidators already intended to commence proceedings to sue Zhu and Davies in the British Virgin Islands shortly before making the order. Since the liquidators had already decided they wanted to sue the founders, they should be subject to the constraints imposed by the rules of civil procedure, he added. The court set aside the examination order, but made orders to resolve the outstanding issues arising from the lower court's earlier decision to grant it. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Zhu Su v Three Arrows Capital Ltd and others and other appeals [2025] SGCA 31 Print
Business Times
24-06-2025
- Business
- Business Times
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside
[SINGAPORE] The Court of Appeal on Tuesday (Jun 24) dismissed an application by the founders of Three Arrows Capital (3AC) to set aside orders requiring them to disclose their dealings with their now-defunct cryptocurrency fund. Chief Justice Sundaresh Menon, however, overturned a lower court decision that allowed liquidators to examine its co-founder Zhu Su following the collapse of 3AC in 2022. In October 2022, 3AC and its two founders, Zhu and Kyle Davies, were ordered by the court to disclose their dealings with the hedge fund – including any relevant books, papers, or records – to liquidators. However, both Zhu and Davies failed to comply with the disclosure order, prompting the liquidators to file two orders initiating contempt of court proceedings against them. Both men were subsequently sentenced to four months' jail for the offence. In 2023, Zhu and Davies applied to the court to have all three orders set aside, which was dismissed. They took their appeal against that decision to the Court of Appeal, in a hearing in April. Separately, following Zhu's arrest on Sep 29, 2023, liquidators sought an examination order from the court, believing that his incarceration will give them an opportunity to obtain more information about the affairs of the cryptocurrency fund. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Following this, the liquidators commenced proceedings against Zhu and Davies in the British Virgin Islands, in which they sought to recover US$66 million which Zhu allegedly owed to the hedge fund. Zhu then applied for the examination order, as well as further orders for him to provide additional answers and appear for further examination, to be set aside. This application was also dismissed. 'Deliberate decision' to evade liquidators In his judgement, the Chief Justice ruled that the lower court had correctly dismissed the founders' applications to set aside the disclosure order, as well as the two orders relating to the contempt of court proceedings. In the April hearing, Zhu and Davies' lawyers were under the impression that they were cooperating with the liquidators' requests for information and did not think that committal orders would be sought against them. But this is 'no answer at all', said Chief Justice Menon, who noted that the founders were aware of the disclosure order by Jan 5, 2023, but had no explanation as to why they waited 10 months before filing to have the orders set aside. Their applications were also made well after the 14-day deadline prescribed in the Rules of Court 2021. Furthermore, Zhu and Davies' argument that they thought they had been cooperating with liquidators in good faith 'said nothing about whether the setting-aside applications had been brought within time, or whether there were grounds for extending time', he added. 'We are with the inference the judge drew, which is that (Zhu and Davies) deliberately chose not to take any steps to set aside the disclosure order because they thought they could remain out of reach of its enforcement. 'In such circumstances, we see no good reason why (Zhu and Davies) should be allowed to revisit the question 10 months later of whether the disclosure order should even have been made against them in the first place.' 'A delay of this time is patently unreasonable,' he added. 'Therefore, we hold that (the founders) were out of time to bring the setting-aside applications against the disclosure order.' The Chief Justice also noted that Zhu and Davies, being the only directors of 3AC, chose to discharge the company's lawyers a few days before the hearing for the disclosure order was to be heard. '(This) suggested a deliberate decision by (Zhu and Davies) to evade the efforts of the liquidators to gather the necessary information pertaining to the company,' he wrote. As for the application relating to the examination order, Chief Justice Menon said the order is not an appropriate means for the liquidators to obtain information from the founders. This is given that the liquidators already intended to commence proceedings to sue Zhu and Davies in the British Virgin Islands shortly before making the order. Since the liquidators had already decided they wanted to sue the founders, they should be subject to the constraints imposed by the rules of civil procedure, he added. The court set aside the examination order, but made orders to resolve the outstanding issues arising from the lower court's earlier decision to grant it.
Yahoo
23-06-2025
- Business
- Yahoo
Bankrupt Crypto Exchange FTX Slams Three Arrows Capital's $1.53B Claim: '3AC Is Owed Nothing'
Bankrupt crypto exchange FTX has said it should not have to pay a massive $1.53 billion recovery claim by Three Arrows Capital, arguing in a recent court filing that the crypto hedge fund's 'own risky [trading] strategy caused its collapse, and its own account activity — not any action by [FTX] — resulted in a significant decline in the 'value' associated with the 3AC Accounts in June 2022.' '3AC bet big that cryptocurrency prices would increase using cash it did not have and, when prices instead plummeted, 3AC proceeded to liquidate the risky bets it had placed and withdraw assets from [FTX],' FTX's lawyers wrote in the filing. The Delaware court overseeing FTX's bankruptcy gave 3AC's liquidators permission to expand their claim earlier this year, bumping it up significantly from their original claim of $120 million. This came after 3AC's lawyers allegedly discovered new evidence suggesting that FTX had liquidated $1.53 billion of 3AC's assets two weeks before the hedge fund started its own liquidation proceedings in June 2022. FTX's lawyers say the liquidation of 3AC's assets on its platform was carried out to satisfy a loan to FTX — but 3AC's lawyers pushed back, arguing that the loan to FTX wasn't sufficiently documented or otherwise substantiated. The bankruptcy court sided with 3AC, finding insufficient evidence to support FTX's claim of a loan. In the most recent filing, lawyers for FTX's estate said that on June 12, 2022 the actual value of assets in 3AC's accounts was only $284 million — $1.017 billion in digital assets and negative $733 million in US dollars. They also added that the 'first and only' liquidation of 3AC's assets ordered by FTX was on June 14, 2022, and swapped $82 million in crypto for cash — a move they argued 'actually benefitted 3AC (not FTX).' 'The Joint Liquidators grossly inflate the actual $284 million value of assets associated with the 3AC Accounts on June 12, 2022 by more than $1.2 billion, and they ignore that the entire loss in account value resulted from market price declines and 3AC's own withdrawals, not any action taken by FTX,' the bankrupt exchange's lawyers wrote. 'The Joint Liquidators ask this Court to force other Exchange customers and creditors to foot the bill for 3AC's failed strategy by asserting illogical and baseless claims for $1.53 billion… [T]his is a false premise that lacks any legal or factual merit, and, in fact, 3AC is owed nothing,' the lawyers added. FTX, which was at one time one of the largest crypto exchanges in the world, filed for bankruptcy protection shortly after its collapse in November 2022. The exchange's recovery trust started distributing $5 billion to FTX creditors in May. 3AC collapsed in June 2022, one month after the collapse of the Terra/LUNA ecosystem, starting a domino-like collapse of major crypto companies including Voyager, Celsius, BlockFi and Genesis. 3AC has until July 11 to file an objection before the hearing set for August in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
India.com
11-06-2025
- India.com
Visit Tirupati Balaji temple this summer! IRCTC launches tour package, journey starts from..., package cost is...
New Delhi: Indian Railway Catering and Tourism Corporation (IRCTC) has launched an affordable tour package to the Tirupati Balaji Temple. So, if you are planning a trip with your children this summer, this is your opportunity. The package offers temple darshan at a low cost. While the Tirupati Temple is usually crowded, the atmosphere is relatively calmer during the summer, making it easier to plan your trip. It is important to note that IRCTC regularly launches several affordable tour packages for travelers. Whether it's an international trip or a domestic one, IRCTC's budget-friendly packages are well-liked by everyone. If you're planning a trip with your children this summer, we have a great temple tour package for you today. In this article, we will be talking about the Tirupati Balaji Temple. However, if you plan to visit during the summer, you might be able to enjoy a peaceful darshan (visit). Check all the key details below: The package will start from Secunderabad. Along with visiting Balaji, you will also get a chance to go to Sri Kalahasti. The package will commence from June 12, The passengers must note that they can book tickets in advance Once the package starts, you can book tickets for it on Thursdays. The name of the package is TIRUPATI FROM KARIMNAGAR. You can also search for the package by entering its name. The package will be for 3 nights and 4 days. Cab and bus facilities will be available for sightseeing as part of the package. You can book tickets through the official IRCTC website, which is a very easy process. What is the cost of the package? If you are traveling alone, the package fee is ₹14,030. This includes travel in a 3AC coach. If you plan to travel alone in a Sleeper coach, the package fee is ₹12,120. If you are traveling with one more person in a 3AC coach, the package fee per person is ₹10,940. In a Sleeper coach for two people, the fee is ₹9,030 per person. If you are traveling with two other people (total 3 passengers) in a 3AC coach, the package fee per person will be ₹9,160. In a Sleeper coach, the cost will be ₹7,250 per person. For children, the package fee is ₹6,700. What is not included in the package: Meals on the train or any food and beverages not included in the package. Entry tickets for sightseeing. Lunch, dinner, or any extra meals. Tour guide services. Personal expenses such as porter charges at hotels, tips, mineral water, phone bills, laundry charges, etc. Camera fees or entry tickets to places not mentioned in the itinerary. Arrangements for head-shaving (Mundan ceremony).
