The Singapore supervisory authority blame the competitive crypto fund Three Arrows

The Singapur market viewing authority has criticized Three Arrows Capital because of the submission of false information, which has moved another blow to the crypto hedge fund that was liquidated because of its failed bets.

The Monetary Authority of Singapore announced on Thursday that Three Arrows exceeded the permissible threshold for managed assets of $ 250 million. It also said that the fund manager failed to inform it about changes to the directors' posts or investments.

The public complaint of MAS is a rare step and exacerbates the problems with Three Arrows, one of the largest investors on the cryptom market.

co-founder SU ZHU previously spoken out for a crypto "super cycle" in which the prices would be protected against collapse due to the increasing acceptance of crypto tokens. His large positions included investments in Grayscale Bitcoin Trust, the world's largest crypto investment vehicle.

falling prices have undermined its stocks and the investment company has failed to meet claims from lenders to provide additional funds to secure their loans. This week the consulting company Teneo was appointed a common liquidator for Three Arrows on the British Virgin Islands, where the only fund he managed was based.

mas said Three Arrows had been examined for a year. "In view of the latest developments that question the solvency of the fund managed by Three Arrows, the MAS checks whether there were further violations of Three Arrows about the MAS regulations," it said.

The company became a fund administration company registered in Singapore in 2013 that can manage assets of up to $ 250 million. Mas said that it crossed the limit twice, between July and September 2020 and between November 2020 and August 2021.

At the beginning of September last year, Three Arrows shifted the administration of his only fund to an offshore unit in the British Virgin Islands. However, it failed to inform the Singapore supervisory authority that ZHU was also the shareholder of the BVI unit.

Three Arrows did not react immediately to a request for comment.

At the beginning of this week, the Canadian crypto broker Voyager Digital Three Arrows gave a reminder after not repaid a loan of $ 650 million. The loan consisted of USDC - a stable coin - worth around $ 350 million and more than 15,000 bitcoin.

Bitcoin, by far the world's most popular cryptocurrency, has lost about $ 70,000 of its value since the reaching an all-time high of almost $ 70,000 last November. In the past few weeks, the market capitalization of the industry has also fallen from more than $ 3 trillion-a maximum stand that was recorded during the Hausse last year-to around $ 900 billion.