{"id":17503,"date":"2023-10-07T01:37:05","date_gmt":"2023-10-07T05:37:05","guid":{"rendered":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-4\/"},"modified":"2023-10-07T01:37:05","modified_gmt":"2023-10-07T05:37:05","slug":"asia-express-cointelegraph-magazine-4","status":"publish","type":"post","link":"https:\/\/demo2.dedicatedhost247.com\/crypto\/asia-express-cointelegraph-magazine-4\/","title":{"rendered":"Asia Express \u2013 Cointelegraph Magazine"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div style=\"overflow-x: hidden;\">\n<p><em>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments.<\/em><\/p>\n<h2 class=\"wp-block-heading\" id=\"h-3ac-creditors-strike-back\">3AC creditors strike back\u00a0<\/h2>\n<p>On Sept. 29, Su Zhu, co-founder of defunct Singaporean hedge fund Three Arrows Capital (3AC) \u2014 which prior to its collapse last June managed more than $10 billion in digital assets \u2014 was apprehended at Singapore\u2019s Changi International Airport while attempting to flee the country following the issuance of a committal order.\u00a0<\/p>\n<p>Just days prior to his arrest, Singaporean courts issued an arrest warrant for Zhu after his \u201cdeliberate failure to comply with a court order obtained which, in essence, compelled him to cooperate with the liquidator\u2019s investigations and account for his activities as one of the founders of 3AC and its former investment manager.\u201d Zhu, a Singaporean national, was sentenced to four months in prison for the breach.\u00a0<\/p>\n<p>Teneo, the appointed liquidator for 3AC, said in an email statement that creditors would \u201cseek to engage with him on matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3AC\u2019s funds\u201d during his time in prison. <\/p>\n<p>\u201cThe liquidators will pursue all opportunities to ensure Mr. Zhu complies in full with the court order made against him for provision of information and documents relating to 3AC and its former investment manager during the course of his imprisonment and thereafter,\u201d Teneo wrote.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"3AC co-founder Kyle Davies (Left) and Su Zhu (Right)\" class=\"wp-image-18622\" width=\"830\" height=\"623\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-1024x768.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-300x225.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-770x578.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-1536x1152.jpg 1536w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1.jpg 1600w\" data-lazy-sizes=\"(max-width: 830px) 100vw, 830px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-1024x768.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-1024x768.jpg\" alt=\"3AC co-founder Kyle Davies (Left) and Su Zhu (Right)\" class=\"wp-image-18622\" width=\"830\" height=\"623\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-1024x768.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-300x225.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-770x578.jpg 770w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1-1536x1152.jpg 1536w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/04\/Fs8G3mZWIAAKcF1.jpg 1600w\" sizes=\"(max-width: 830px) 100vw, 830px\"\/><\/noscript><figcaption class=\"wp-element-caption\">3AC co-founders Kyle Davies (Left) and Su Zhu (Right). (X\/Twitter)<\/figcaption><\/figure>\n<p>The filing revealed that Kyle Livingston Davies, 3AC\u2019s co-founder and a naturalized Singaporean citizen, was also sentenced to four months imprisonment for contempt of court. However, his current whereabouts remain unknown. Cointelegraph previously reported that Davies had fled to Dubai earlier this year and opened a restaurant there.\u00a0<\/p>\n<p>Recently, the Monetary Authority of Singapore barred both Zhu and Davies from conducting enterprise investment activity in the city-state for nine years due to regulatory violations, such as exceeding 3AC\u2019s statutory assets under management limit.\u00a0<\/p>\n<section class=\"adv-banner adbutler-ad adbutler-ad__desktop\">\n<div class=\"container\"><!-- 1456x180 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2F3ac-opnx-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2F3ac-opnx-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=728x90;setID=601214;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2F3ac-opnx-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<section class=\"adv-banner adbutler-ad adbutler-ad__mobile\">\n<div class=\"container\"><!-- 600x500 [img] --><br \/>\n<a href=\"https:\/\/servedbyadbutler.com\/go2\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2F3ac-opnx-asia-express%2F\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2F3ac-opnx-asia-express%2F;type=img\"\/><noscript><img src=\"https:\/\/servedbyadbutler.com\/adserve\/;ID=169476;size=300x250;setID=601213;referrer=https%3A%2F%2Fcointelegraph.com%2Fmagazine%2F3ac-opnx-asia-express%2F;type=img\"\/><\/noscript><\/a><\/div>\n<\/section>\n<p>In July 2022, 3AC filed for bankruptcy after a series of failed leveraged trades on the Terra ecosystem left the hedge fund emptied of assets and left creditors with over $3.5 billion in claims. The event caused a chain reaction that led to the bankruptcy of 3AC\u2019s counterparties, such as Celsius, Voyager and FTX. Prior to the \u201ccounterattack,\u201d 3AC creditors had suffered a humiliating setback where over one year of bankruptcy proceedings were halted by a U.S. judge due to a clerical error.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"3AC's AUM letter (Voyager)\" class=\"wp-image-16847\" width=\"837\" height=\"508\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-02-175926.png 697w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-02-175926-300x182.png 300w\" data-lazy-sizes=\"(max-width: 837px) 100vw, 837px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-02-175926.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-02-175926.png\" alt=\"3AC's AUM letter (Voyager)\" class=\"wp-image-16847\" width=\"837\" height=\"508\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-02-175926.png 697w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Screenshot-2023-03-02-175926-300x182.png 300w\" sizes=\"(max-width: 837px) 100vw, 837px\"\/><\/noscript><figcaption class=\"wp-element-caption\">3AC\u2019s AUM letter. (Voyager)<\/figcaption><\/figure>\n<p>At one point in the last year, Davies publicly\u00a0boasted that there were \u201cno pending lawsuits or regulatory action against him.\u201d After the collapse of 3AC, both Zhu and Davies embarked on alternative entrepreneurial ventures. Aside from Davies\u2019 restaurant, Zhu\u2019s $36 million luxury Yarwood Homestead in Singapore, purchased just months before 3AC\u2019s collapse, had been converted into an eco-farm. Local media\u00a0<a href=\"https:\/\/mp.weixin.qq.com\/s\/bbQjpX3xDR_gT1ALGxeSGA\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">writes<\/a>:\u00a0<\/p>\n<p>\u201cBased on the principles of ecological design and agroecology, the company transformed the garden into a farmland, an ecosystem that includes agriculture and aquaculture, producing local vegetables, herbs, fruits, fish, chickens and ducks.\u201d<\/p>\n<p>The farm is owned by Su Zhu\u2019s wife, Evelyn Tan, through her company Abundunt Cities. \u201cYarwood Homestead is open to curious gardeners, citizen scientists, and the community on an invitation-only basis. We also run a private dining experience to help us test recipes for native edibles through our Native Edibles R&amp;D Kitchen,\u201d an excerpt from its website\u00a0<a href=\"https:\/\/abundant-group.org\/research-and-development\/yarwood-homestead\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">reads<\/a>.\u00a0<\/p>\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" alt=\"The Yarwood Homestead \u201cTropical R&amp;D Site.\u201d Source:(Abundant Cities)\" class=\"wp-image-24451\" width=\"856\" height=\"482\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1-300x169.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1-770x433.jpg 770w\" data-lazy-sizes=\"(max-width: 856px) 100vw, 856px\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1.jpg\"\/><noscript><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1.jpg\" alt=\"The Yarwood Homestead \u201cTropical R&amp;D Site.\u201d Source:(Abundant Cities)\" class=\"wp-image-24451\" width=\"856\" height=\"482\" srcset=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1.jpg 1024w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1-300x169.jpg 300w, https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/10\/dji_fly_20230418_153938_89_1681803847905_photo_optimized-2-1024x576-1-770x433.jpg 770w\" sizes=\"(max-width: 856px) 100vw, 856px\"\/><\/noscript><figcaption class=\"wp-element-caption\">The Yarwood Homestead \u201cTropical R&amp;D Site.\u201d (Abundant Cities)<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-a-second-wave\">A second wave <\/h2>\n<p>When it rains, it pours.\u00a0<\/p>\n<p>In January, Zhu and Davies\u2019 novel exchange OPNX \u2014 a platform based in Hong Kong for trading bankruptcy claims on fallen crypto companies such as 3AC and FTX \u2014 was spearheaded into development after soliciting $25 million from various investors. The platform launched in April with just\u00a0<a href=\"https:\/\/cointelegraph.com\/magazine\/zhu-sus-exchange-did-13-64-in-volume-akshually-huobi-in-crisis-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">$13.64 in trading volume<\/a>\u00a0on its debut. By June, the firm claimed\u00a0<a href=\"https:\/\/cointelegraph.com\/magazine\/huobi-lawsuit-hodlnaut-opnx-3ac-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">it had reached<\/a>\u00a0nearly $50 million in daily trading volume.\u00a0<\/p>\n<p>However, holders of OPNX did not appear to have enjoyed news of Zhu\u2019s arrest and Davies\u2019 indictment. On the day of the announcement, the Open Exchange Token fell nearly 60% in a single day to $0.01. The token has lost 79% of its value in the past month and has a fully diluted market capitalization of just $77 million, compared with over\u00a0<a href=\"https:\/\/cointelegraph.com\/magazine\/wp-admin\/post.php?post=21338&amp;action=edit\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">$300 million in June<\/a>.\u00a0<\/p>\n<div class=\"article-suggest\">\n<p>Read also<\/p>\n<div class=\"article-suggest__items\">\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/learn-to-pitch-like-a-man-helping-female-crypto-founders-blast-off\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Features<\/span><\/p>\n<p>The secret of pitching to male VCs: Female crypto founders blast off<\/p>\n<p>                        <\/a>\n                    <\/div>\n<div class=\"article-suggest__item\">\n                        <a href=\"https:\/\/cointelegraph.com\/magazine\/collectivism-collaboration-crypto-art-world\/\" class=\"article-suggest__subtitle display4\"><br \/>\n                            <span>Art Week<\/span><\/p>\n<p>Connecting the Dots: Collectivism and Collaboration in the Crypto Art World<\/p>\n<p>                        <\/a>\n                    <\/div>\n<\/div>\n<\/div>\n<p>In July, OPNX announced that it had onboarded tokenized claims of FTX and Celsius. Per design, claims would be converted into collateral in the form of OPNX\u2019s native reborn OX (reOX) tokens or oUSD, its credit currency. Users could then trade crypto futures using reOX as collateral. <\/p>\n<p>However, the firm\u2019s claims dashboard remains dysfunctional at the time of publication. Leslie Lamb, OPNX\u2019s CEO, had tried to distance the firm from Davies and Zhu, claiming that they are \u201cno longer involved in [its] operations.\u201d In August, all three executives were\u00a0fined the equivalent of $2.7 million\u00a0by Dubai\u2019s Virtual Asset Regulatory Authority for running OPNX as an unlicensed exchange in the Emirate.\u00a0<\/p>\n<p>Prior to Zhu\u2019s arrest, 3AC Ventures, a\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/former-three-arrows-capital-founders-launch-new-vc-fund\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">venture capital fund<\/a>\u00a0created by the duo in June, appeared to be doing quite well. Its investments have since expanded to a project called \u201cGamerlan\u201d since its initial investment in Raise. \u201c3AC Ventures is focused on superior risk-adjusted returns without leverage,\u201d its creators proclaimed.\u00a0<\/p>\n<p>Regardless, creditors have made it clear that their priority is in \u201crecovering the assets of 3AC and maximising returns for its creditors,\u201d which could also include former 3AC assets that are used to create new entities. Teneo has since\u00a0<a href=\"https:\/\/cointelegraph.com\/magazine\/real-reason-chinas-war-on-crypto-3ac-judges-embarrassing-mistake-asia-express\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">recovered several nonfungible tokens<\/a>\u00a0owned by 3AC and auctioned them via Sotheby\u2019s, netting a total of $13.4 million.\u00a0The proceedings are still ongoing. <\/p>\n<div class=\"subscribe subscribe--inner\">\n<div class=\"container\">\n<div class=\"subscribe__inner\">\n<div class=\"subscribe__content\">\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<\/div>\n<div class=\"subscribe__img\">\n    <img alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\"\/><noscript><img src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\" alt=\"Subscribe to Magazine by Cointelegraph Newsletter.\"\/><\/noscript>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"author category_page\">\n<div class=\"author__img\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" alt=\"\" height=\"300\" width=\"300\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\"\/><noscript><img loading=\"lazy\" src=\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/01\/portrait_about_us_zhiyuan_sun_720.jpg\" alt=\"\" height=\"300\" width=\"300\"\/><\/noscript>\n\t\t\t\t\t\t<\/div>\n<div class=\"author__content\">\n<h2 class=\"author__name\">Zhiyuan Sun<\/h2>\n<p>Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, Nasdaq.com and Seeking Alpha.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<section class=\"news\">\n<\/section>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/3ac-opnx-asia-express\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our weekly roundup of news from East Asia curates the industry\u2019s most important developments. 3AC creditors strike back\u00a0 On Sept. 29, Su Zhu, co-founder of defunct Singaporean hedge fund Three Arrows Capital (3AC) \u2014 which prior to its collapse last June managed more than $10 billion in digital assets \u2014 was apprehended at Singapore\u2019s Changi International Airport while attempting to flee the country following the issuance of a committal order.\u00a0 Just days prior to his arrest, Singaporean courts issued an arrest warrant for Zhu after his \u201cdeliberate failure to comply&hellip;<\/p>\n","protected":false},"author":1,"featured_media":15992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[38],"tags":[89,148,2621,130],"_links":{"self":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17503"}],"collection":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/comments?post=17503"}],"version-history":[{"count":0,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/posts\/17503\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media\/15992"}],"wp:attachment":[{"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/media?parent=17503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/categories?post=17503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/demo2.dedicatedhost247.com\/crypto\/wp-json\/wp\/v2\/tags?post=17503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}