Failed hedge fund Three Arrows Capital (3AC) continues to trade heavily through its lesser-known service Tai Ping Shan (TPS) Capital. Reported by CoinDesk.

3AC reportedly manages the obscure over-the-counter trading arm of TPS Capital. The organization was previously described on LinkedIn as the “official OTC service of the Three Arrows Capital”. Later, the wording was changed, which led to the separation of the two firms.

TPS Capital, registered in Singapore, is based in the British Virgin Islands.

According to the registration documents, the company is owned by British Virgin Islands companies Three Lucky Charms Ltd and TPS Research and Tai Ping Shan Ltd, registered in the Cayman Islands. was divided between

The names of the directors of these companies are not public, but sources point to the similarity of the names Three Lucky Charms and Three Arrows Capital, which are managed by Su Zhu, Kyle Davis and an unknown third party.

The directors of TPS Research, which owns 47.5% of Singapore’s TPS Capital, are also in hiding.

Tai Ping Shan, who owns 5% of TPS Capital, has appointed Paul Muspratt, managing director of West Bay Global Services, West Bay employee Steven Sokol and Yi Long Fung as directors.

Yi is almost nonexistent online. He is the director of TPS Capital, which operates under the same name, was founded in February 2022 and is headquartered in the Toronto suburb of Thornhill, Canada.

Demanding billions of dollars under its management, 3AC filed a meager revenue report to the Singapore government.

As of the end of fiscal 2020, Three Arrows Singapore had total assets of S$3.3 million ($2.36 million) and annual profit of S$1.15 million ($823,015). Zhu and Davis were paid approximately SGD 6.33 million ($4.5 million) in dividends.

As of the end of 2021, 3AC documentation is not available.

According to the documentation SEC, Three Arrows in Singapore and Three Arrows in the British Virgin Islands acquired the Three Arrows position in the Grayscale Bitcoin Trust (GBTC) in December 2020. According to the Monetary Authority of Singapore, the local entity has been licensed to manage SGD 250 million ($179 million).

An anonymous source said TPS owns and trades most of Three Arrows’ assets. This was confirmed by another interlocutor of the publication, who claimed that the TPS is a “place of action” for 3AC.

Based on the findings, it looks like TPS continues to use the hedge fund’s capital for trading. However, a sprawling ownership structure and clandestine managers can make it difficult for investors to seek legal compensation from Three Arrows Capital.

Recall that in June, against the background of the collapse of the cryptocurrency market, there were rumors about the bankruptcy of Three Arrows Capital. Trading firm 8 Blocks Capital accused the hedge fund of using client funds to cover margin calls.

Crypto broker Voyager Digital has sent 3AC a notice of default due to non-payment of a loan.

The British Virgin Islands Court ordered the liquidation of the hedge fund and the Monetary Authority of Singapore issued a reprimand for providing 3AC with false information and exceeding the threshold of allowable assets under management.

In early July, Three Arrows Capital filed for bankruptcy in New York court.

Source: Fork Log