Altcoin News Official TheBitTimes.com

Three Arrows Capital (3AC) co-founders Su Zhu and Kyle Davies have decided to launch their own memecoin, Three Arrowz Capitel. The duo previously led a hedge fund that blew up, had its dwindling assets frozen by court order, and still owe billions of dollars to creditors. Authorities in Singapore arrested Zhu last year for failing to comply with court instructions. Branded under a purposeful misspelling of their failed hedge fund and retweeted from their official social media accounts, the duo now are now promoting a trading-focused Telegram channel to go with the newly-minted ERC-20 token. Unfortunately for their mostly retail audience, up to 84% of its supply was held by insiders as of yesterday afternoon . 71.8% is now in a Team & Insider wallet. The token also imposes a punishing 1% tax on every buy and sell. The duo claims they will recirculate this tax to help their community swap the token for other ‘bags.’ Finally, insiders control another eight wallets with generou...

Su Zhu, co -founder of Three Arrows Capital (3AC), reportedly faced his first court questioning in Singapore court regarding the firm’s collapse . Su Zhu the co -founder of the defunct Three Arrow’s (3AC) capital has made a court appearance in Singapore spanning two days this week that is part of a wider net of legal proceedings initiated by Teneo, the appointed liquidator of his company’s assets, Bloomberg has reported. The court session, held under private terms, was primarily focused on unraveling the circumstances leading to the fund’s failure and locating the remaining assets. Earlier, a Singapore court had approved the questioning of Zhu following his arrest at a Singapore airport on Sep. 29. Zhu was detained for four months for not cooperating with the liquidation process of 3AC. He is expected to be released imminently, with the court considering standard provisions for good behaviour. You might also like: Genesis seeks court approval for 3AC settl...

Over 11% of global VC funding in blockchain and crypto was funneled towards ventures based in Hong Kong and Singapore throughout 2023. The findings mark a significant rise from the mere 2% allocation in 2021.  That’s according to analysts at PitchBook who attributed this change to several factors, including the collapse of Sam Bankman-Fried’s FTX crypto exchange and the subsequent bankruptcy domino effect it created that compelled many U.S.-based crypto companies to reassess their strategies. According to the report, regulatory uncertainties and the effect of major crypto firms like Binance and Gemini falling foul of authorities have forced many companies to reduce the size and magnitude of their U.S. operations.  Some have even sought refuge in global crypto hubs overseas. The report quoted Bryan Chow, partner at web3 VC investor Side Door Ventures, who stated that many crypto companies had shifted their base of operations to Hong Kong to leverage its supportive governm...