11
May
2023

How To Avoid Responsibilities In Singapore

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Singapore Court Aids Su Zhu In Avoiding Alleged Responsibility To Arthur Hayes

 

TL;DR:

  • A Singaporean court has issued a restraining order against Arthur Hayes, co-founder of BitMEX, following a dispute with Su Zhu, co-founder of Three Arrows Capital.
  • The order prohibits Hayes from using insulting or abusive communication towards Zhu, stemming from a $6 million debt related to Three Arrows Capital’s collapse.
  • Hayes had demanded repayment from Zhu and his partner, Kyle Davies. The court ruling aims to protect Zhu from further distress and harassment.

The restraining order serves as a significant development in the dispute between Zhu and Hayes, demonstrating the court’s recognition of the need to protect Zhu from further harassment. However, it does not address the repayment of the $6 million debt, leaving uncertainty regarding any plans to settle the outstanding amount.

 

 

 

 

The case involving Zhu, Davies, and Hayes sheds light on the complexities and tensions within the cryptocurrency industry, where disputes over debts and accountability can arise. As the legal proceedings continue, it remains to be seen how the parties involved will navigate the repayment issue and whether further actions will be taken to resolve the conflict.

Singapore’s legal system has granted a restraining order to Su Zhu, co-founder of Three Arrows Capital, against Arthur Hayes, co-founder of BitMEX, following an ongoing dispute between the two prominent figures in the cryptocurrency industry. The order, issued by a Singaporean court, prevents Hayes from engaging in any form of insulting or abusive communication that could cause distress, harassment, or alarm to Zhu.

The conflict between Zhu and Hayes originated from a $6 million debt arising from the collapse of Three Arrows Capital. Last year, the hedge fund faced challenges during the first wave of the crypto market downturn caused by the collapse of the Terra-Luna ecosystem. As a result, a British Virgin Islands court ordered the liquidation of Three Arrows Capital, leaving the fund with over $1 billion in debts.

After the collapse of the hedge fund, Zhu and Davies, his partner at Three Arrows Capital, resurfaced months later with the launch of OPNX, an exchange designed for trading bankruptcy claims. However, Hayes repeatedly demanded repayment of the $6 million debt owed to him, targeting Zhu and Davies through various means, including social media.

Hayes took to Twitter to criticize and mock Zhu and Davies’ efforts to raise funds for their new platform. He questioned the source of their funding and sarcastically referred to a supposed sovereign wealth fund in Bahrain that had allegedly invested significant capital in their venture. Hayes also ridiculed their Bloomberg interview, highlighting their failure to foresee the impact of the Terra-Luna ecosystem collapse on the crypto industry.

In response to the ongoing harassment and distress caused by Hayes’ communication, Zhu sought legal protection and obtained a restraining order from the Singaporean court. The court ruling prohibits Hayes from communicating with Zhu by any means and from using abusive or threatening language toward him. The order also restricts Hayes from publishing any identifying information related to Zhu.

The restraining order serves as a significant development in the dispute between Zhu and Hayes, demonstrating the court’s recognition of the need to protect Zhu from further harassment. However, it does not address the repayment of the $6 million debt, leaving uncertainty regarding any plans to settle the outstanding amount.

The case involving Zhu, Davies, and Hayes sheds light on the complexities and tensions within the cryptocurrency industry, where disputes over debts and accountability can arise. As the legal proceedings continue, it remains to be seen how the parties involved will navigate the repayment issue and whether further actions will be taken to resolve the conflict.

 

In conclusion, the Singaporean court’s decision to grant the restraining order offers protection to Su Zhu against Arthur Hayes’ abusive communication. The case highlights the challenges of debt repayment within the crypto ecosystem and underscores the need for accountability and respectful engagement within the industry.

 
 

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