Singapore’s Regulator Fires a Warning at Three Arrows Capital
When crypto markets crash, some investors look like a wrecked ship. Three Arrows Capital (3AC), a heavyweight in the crypto hedging world, has just been put on the hot seat by Singapore’s Monetary Authority (MAS).
What MAS Said
- “Reprimanded” – MAS called out 3AC for shady moves.
- False claims about moving to the British Virgin Islands in 2021.
- Δop down – no penalties detailed yet.
- 3AC didn’t report director changes fast enough.
- Overstepped the $250 million AUM limit twice in 2020‑21.
MAS added that, because the fund’s solvency is now in question, they’re digging deeper for any other rule‑breaks.
3AC’s Response
3AC didn’t reply when we reached out after hours. Their co‑founder had a tweet on June 15 promising they were “fully committed to working this out,” but that was all.
How the Outbreak Is Unraveling
In the same month, Voyager Digital tried to pin a default on 3AC, citing unpaid loans of:
- 15,250 Bitcoin (≈$290 million)
- $350 million worth of USDC stable coin
Bitcoin’s price has taken a nosedive this quarter – halving against the dollar and hovering around $19,000 after peaking near $69,000 last November.
What This Means for the Crypto World
Stability is gone: some so‑called “stable coins” have become shaky, stock markets are falling, jobs are being cut at exchanges, and lenders – including Zel‑famous Celsius – are freezing withdrawals.
In short, the crypto market feels like a rollercoaster that’s lost its seat belts. The story of Three Arrows shows that even the biggest players can’t ride it safely if they skip a few rules.
