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https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html From $10 billion to zero: How a crypto hedge fund collapsed and dragged many investors down with it Published Mon, Jul 11 20223:30 PM EDTUpdated Mon, Jul 11 20224:25 PM EDT, MacKenzie Sigalos @KENZIESIGALOS Key Points - The bankruptcy filing from Three Arrows Capital (3AC) triggered a downward spiral that wrapped in many crypto investors. - The hedge fund failed to meet margin calls from its lenders. - “3AC was supposed to be the adult in the room,” said Nik Bhatia, professor of finance and business economics at the University of Southern California. As recently as March, Three Arrows Capital managed about $10 billion in assets, making it one of the most prominent crypto hedge funds in the world. Now the firm, also known as 3AC, is headed to bankruptcy court after the plunge in cryptocurrency prices and a particularly risky trading strategy combined to wipe out its assets and leave it unable to repay lenders. The chain of pain may just be beginning. 3AC had a lengthy list of counterparties, or companies that had their money wrapped up in the firm’s ability to at least stay afloat. With the crypto market down by more than $1 trillion since April, led by the slide in bitcoin and ethereum, investors with concentrated bets on firms like 3AC are suffering the consequences. Crypto exchange Blockchain.com reportedly faces a $270 million hit on loans to 3AC. Meanwhile, digital asset brokerage Voyager Digital filed for Chapter 11 bankruptcy protection after 3AC couldn’t pay back the roughly $670 million it had borrowed from the company. U.S.-based crypto lenders Genesis and BlockFi, crypto derivatives platform BitMEX and crypto exchange FTX are also being hit with losses. “Credit is being destroyed and withdrawn, underwriting standards are being tightened, solvency is being tested, so everyone is withdrawing liquidity from crypto lenders,” said Nic Carter, a partner at Castle Island Ventures, which focuses on blockchain investments. Three Arrows’ strategy involved borrowing money from across the industry and then turning around and investing that capital in other, often nascent, crypto projects. The firm had been around for a decade, which helped give founders Zhu Su and Kyle Davies a measure of credibility in an industry populated by newbies. Zhu also co-hosted a popular podcast on crypto. “3AC was supposed to be the adult in the room,” said Nik Bhatia, a professor of finance and business economics at the University of Southern California. Court documents reviewed by CNBC show that lawyers representing 3AC’s creditors claim that Zhu and Davies have not yet begun to cooperate with them “in any meaningful manner.” The filing also alleges that the liquidation process hasn’t started, meaning there’s no cash to pay back the company’s lenders. Zhu and Davies didn’t immediately respond to requests for comment. Tracing the falling dominoes The fall of Three Arrows Capital can be traced to the collapse in May of terraUSD (UST), which had been one of the most popular U.S. dollar-pegged stablecoin projects. The stability of UST relied on a complex set of code, with very little hard cash to back up the arrangement, despite the promise that it would keep its value regardless of the volatility in the broader crypto market. Investors were incentivized — on an accompanying lending platform called Anchor — with 20% annual yield on their UST holdings, a rate many analysts said was unsustainable. The flowchart shows the crypto firms affected by the implosion of TerraUSD and 3 Arrows Capital's bankruptcy filing. “The risk asset correction coupled with less liquidity have exposed projects that promised high unsustainable APRs, resulting in their collapse, such as UST,” said Alkesh Shah, global crypto and digital asset strategist at Bank of America. Panic selling associated with the fall of UST, and its sister token luna, cost investors $60 billion. “The terraUSD and luna collapse is ground zero,” said USC’s Bhatia, who published a book last year on digital currencies titled “Layered Money.” He described the meltdown as the first domino to fall in a “long, nightmarish chain of leverage and fraud.” 3AC told the Wall Street Journal it had invested $200 million in luna. Other industry reports said the fund’s exposure was around $560 million. Whatever the loss, that investment was rendered virtually worthless when the stablecoin project failed. UST’s implosion rocked confidence in the sector and accelerated the slide in cryptocurrencies already underway as part of a broader pullback from risk. 3AC’s lenders asked for some of their cash back in a flood of margin calls, but the money wasn’t there. Many of the firm’s counterparties were, in turn, unable to meet demands from their investors, including retail holders who had been promised annual returns of 20%. “Not only were they not hedging anything, but they also evaporated billions in creditors’ funds,” said Bhatia. Peter Smith, the CEO of Blockchain.com said last week, in a letter to shareholders viewed by CoinDesk, that his company’s exchange “remains liquid, solvent and our customers will not be impacted.” But investors have heard that kind of sentiment before — Voyager said the same thing days before it filed for bankruptcy. Bhatia said the cascade hits any player in the market with significant exposure to a deteriorating asset and liquidity crunch. And crypto comes with so few consumer protections that retail investors have no idea what, if anything, they’ll end up owning. Customers of Voyager Digital recently received an email indicating that it would be a while before they could access the crypto held in their accounts. CEO Stephen Ehrlich said on Twitter that after the company goes through bankruptcy proceedings, customers with crypto in their account would potentially receive a sort of grab bag of stuff. That could include a combination of the crypto they held, common shares in the reorganized Voyager, Voyager tokens and whatever proceeds they’re able to get from 3AC. Voyager investors told CNBC they don’t see much reason for optimism.

this is a freaking nightmare for any home owner. luckily nobody was injured. FAQs below. Developer: MCC Land (Singapore) Pte Ltd Main Contractor: China Jingye Construction Engineering (S) Pte Ltd TOP in 2015

A taxi driver who apparently collapsed and crashed into two stationary vehicles in a carpark in Singapore General Hospital (SGH) has died. Police on Friday said Mr Mohamed Eusoff Abdul Hameed, 60, died at the same hospital on Thursday. Responding to queries, police said the accident happened last Friday at about 7.50pm. Instead of turning right at the entrance of the carpark opposite Blocks 1 and 2, Mr Mohamed Eusoff drove straight ahead and hit two parked cars. Source: http://www.straitstimes.com/BreakingNews/S...ory_793505.html

Looks like Marc Vivien Foe all over again. Hope he is ok.

Reported in CNA : US federal regulators seize control of IndyMac Bank Posted: 12 July 2008 1013 hrs LOS ANGELES: Federal regulators said they had taken control of the troubled California-based IndyMac Bank on Friday in one of the biggest bank closures in US history. The regulatory Office of Thrift Supervision said it had placed the Pasadena-headquartered bank, worth an estimated 32 billion dollars, under the control of the Federal Deposit Insurance Group. The bank will re-open next Monday as the IndyMac Federal Bank, the Office of Thrift Supervision (OTS) said in a statement. OTS regulators said the closure was prompted by withdrawals of 1.3 billion dollars made by the bank's customers since June, when doubts were raised publicly about the institution's long-term viability. "The institution failed today due to a liquidity crisis," OTS director John Reich said Friday. The decision had been anticipated after IndyMac's share price collapsed. The company announced this week it had halting lending and was planning to shed 3,800 jobs, more than half of its work force. At its peak in 2006, the company, which had been reeling under the foreclosure crisis, employed 10,000 people. The latest lay-offs would have reduced the work force to around 3,400. IndyMac bank had been sent into freefall after comments by Democratic Senator Charles Schumer last month concerning the bank's health prompted a flood of customer withdrawals. "The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors' demands in the normal course of business and is therefore in an unsafe and unsound condition," the OTS said in a statement. Reports said IndyMac's collapse was the second biggest in US history behind the 1984 failure of the 40-billion-dollar Continental Illinois Bank. , as reported in today Sunday Times : for US$100,000/- u are safe to withdraw from Monday morning but those with more then US$100,000/-......... only part off could be withdrawn..... err..... do u think Temasek will be interested in IndyMac's bank just like UBS....