The Monetary Authority of Singapore (MAS) today issued a notice that crypto fund Three Arrows Capital (3AC) provided the regulator with "false information."

3AC reportedly opened an entity in the British Virgin Islands and, according to the MAS, "novated the management of its fund to an unrelated offshore entity." In today's reprimand, the regulator now indicates, however, that "this representation was misleading" because Su Zhu, one of the fund's founders, was also a shareholder in the BVI-based fund.

The MAS also reprimanded 3AC for did not notify the regulator of "changes in the directorships and shareholdings of its directors," as well as breaching the allowable sum that 3AC could manage.

During two periods, from July 2020 to September 2020 and November 2020 to August 2021, the crypto fund exceeded its $250 million assets under management (AUM) limit.

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This notice comes hot on the heels of a recent order to liquidate 3AC.

Three Arrows' crypto woes

Yesterday, a court in the BVI ordered the liquidation of 3AC following the fund's recent demise amid the crashing crypto market. Teneo Restructuring will reportedly assist in the proceedings.

Amid the implosion of DeFi project Terra and Bitcoin's continued crash throughout 2022, various entities have come forward to divulge their exposure to 3AC . Voyager Digital, a crypto broker, revealed that it had lent out more than $660 million to the crypto fund, and has since issued 3AC with a notice of default in hopes of collecting on that loan.

Elsewhere, crypto exchanges like FTX, BitMEX, and Deribit also liquidated the fund's outstanding margin positions.

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Bitcoin has continued to plummet of late, today briefly dropping below $19,000, according to CoinMarketCap.

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