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Lawyers in Singapore have questioned Three Arrows Capital ( 3AC ) founder Su Zhu in court for the first time as they continue the search for billions of dollars of creditors’ funds, reports Bloomberg. In a two-day private hearing this week, Zhu took questions from lawyers representing Teneo, the firm tasked with liquidating 3AC. According to unnamed sources close to the proceedings, questioning focused on how and why 3AC failed and exactly where the missing assets went. Teneo estimates that somewhere in the region of $3.3 billion is owed to 3AC creditors and the liquidator is seeking to claw back $1.3 billion from Zhu and his 3AC co-founder Kyle Davies. Zhu was arrested under a committal order at Singapore’s Changi Airport in September after he ignored a court order and attempted to flee the country. The order stipulated that both Zhu and Davies were to be arrested on sight and imprisoned for four months . Zhu is reportedly set to be release d this month for good behavior. Liqu...

An Estonian court annulled the extradition of crypto entrepreneurs, who were accused of a $575 million crypto fraud, to the U.S. An Estonian court has annulled the extradition of two crypto entrepreneurs who were arrested in Nov. 2022 on an 18-count indictment for their alleged involvement in a $575 million crypto fraud and money laundering conspiracy. According to Estonian newspaper Postimees, the Tallinn Circuit Court satisfied appeals on Nov. 29, 2023 saying that the Estonian government had failed to investigate and consider important circumstances in making the decision to extradite HashFlare co -founders Ivan Turogin and Sergei Potapenko. You might also like: Inactive 250k ETH wallet is probably linked to Estonian major bank Shortly after Turogin and Potapenko were arrested in Estonia, the U.S. Department of Justice (DoJ) issued a written request, seeking their extradition to the U.S. However, the Tallinn court ruled that the government’s orders must be annu...

Tornado Cash developer Roman Storm has been granted bail, as confirmed by his attorney, Brian Klein.  Storm, the co-founder of the cryptocurrency mixing service Tornado Cash, was apprehended by the United States Department of Justice (DOJ) on charges including money laundering on Aug. 23. On Aug. 24, Brian Klein, attorney for Roman Storm, announced the news of Storm’s release on bail via the X platform. He expressed his disappointment over the prosecution’s decision to charge Storm for his involvement in software development. Pleased to share that my client Roman Storm is already out on bail, although I remain very disappointed that the prosecutors charged him because he helped develop software – their novel legal theory has dangerous implications for all software developer s.https://t.co/elmU8VqpYq — Brian Klein (@brianeklein) August 24, 2023 The United States authorities had levied specific charges against the developer s for their involvement in...

Once the bankruptcy plan receives approval, the lender said it intends to concentrate on recovering funds from other defunct firms. BlockFi’s reorganization is gradually progressing, with the company revealing that the United States Bankruptcy Court for the District of New Jersey has conditionally approved its disclosure statement. BlockFi and the Official Committee of Unsecured Creditors jointly issued a statement on Aug. 2, 2023, urging all eligible parties to vote to accept the plan by the Sept. 11 voting deadline. The successful approval of the plan will effectively resolve the Chapter 11 cases and facilitate the return of client funds. Once the bankruptcy plan receives approval , the lender said it intends to concentrate on recovering funds from several defunct firms, including Alameda Research, FTX, Three Arrows Capital, Emergent, Marex and Core Scientific. The primary aim is to optimize client recoveries while countering claims by third parties that could significantly dilute ...

The BAYC creators have settled with developer Thomas Lehman over his role in selling a copycat collection of BAYC NFTs. The creator of the nonfungible token (NFT) collection Bored Ape Yacht Club has settled a lawsuit with one of the developers behind a copycat collection known as RR/BAYC.  On Feb. 6, Yuga Labs settled a lawsuit that involved Thomas Lehman, the develop er of websites and a smart contract selling “misleading” BAYC NFTs from digital artist Ryder Ripps. The firm behind the blue-chip collection sued Lehman in January for his involvement and technical support for the collection of mimic monkeys. According to the suit, Lehman assisted Ripps and Jeremy Cahen to develop and promote the NFTs on social media. It claimed that this was a “deliberate effort to harm Yuga Labs at the expense of consumers by sowing confusion,” regarding the two collections. In the settlement, Yuga Labs and Lehman agreed on a permanent injunction barring Lehman from using any “confusingly similar” B...

The media’s lawyers argued the public’s right to know Bankman-Fried's sureties outweighed their privacy and safety rights, but Bankman-Fried’s lawyers strongly disagreed. Eight major media companies including Bloomberg, The Financial Times and Reuters have demanded public disclosure of the two individuals responsible for guaranteeing FTX former CEO Sam Bankman-Fried's $250 million bond.  In a Jan. 12 letter addressed to New York District Court Judge Lewis Kaplan, attorneys from Davis Wright Tremaine LLP — acting on behalf of the Media giants — argued that “the public’s right to know Bankman-Fried's guarantors outweighed their privacy and safety rights.” Media organizations looking to persuade the judge to unseal the identities of Bankman-Fried's guarantors include the Associated Press, Bloomberg, CNBC, Dow Jones, The Financial Times, Insider and the Washington Post. Cast your vote now! In making their case, the media’s lawyers used case precedent from Ghislaine Maxw...