Three Arrows Capital (3AC), a once-thriving Singaporean hedge fund estimated at $10 billion at its peak, was worn out by last yr’s bear market. However, the carnival he has created for the reason that first blast continues to be happening, and his predominant characters also appear to be doing quite well.
One of the co-founders of 3AC, Kyle Davies, seems to have finally found solace from the experience. After much turmoil, the previous hedge fund manager turned aspiring restaurateur fixated on one task – improvement i piece cooking chicken.
Every experienced chef knows that cooking a fragile, well-seasoned, juicy and crispy chicken is an actual art. To perfect this, you might want to maintain a razor-sharp concentrate on the meat while applying the techniques, which requires eliminating distractions – reminiscent of specializing in negative feelings about creditors attempting to get well the $3.5 billion 3AC bankruptcy – through the performance.
In general, chefs do not like customers who’re rude. That’s why, on April 14, when a user suggested bombing Davies’ recent restaurant in Dubai, the now skilled chef immediately threatened legal motion against those posting “deliberately false reviews and defamation of my restaurant.”
Meanwhile, Davies and co-founder Su Zhu launched the OPNX exchange on April 5 to trade the bankruptcy claims of failed crypto entities like FTX and Celsius. Although initially the each day volume was only around $13, by the point of publication, the exchange had reached almost $1.8 million in each day trading volume.
It’s not nice to be the one who disappoints the gang, but these numbers are impressive. Consider the incontrovertible fact that the sum of all regulated crypto products listed in Hong Kong is barely about $1.19 million per day.
It’s not that the exchange plays its 3AC draws. In an April 14 interview, OPNX CEO Leslie Lamb reportedly said that “Although Su Zhu and Kyle contributed many ideas and visions within the early stages, they are actually not involved in OPNX’s day-to-day operations.”
In other 3AC news, on April 19, Sotheby’s auction house announced it could be selling a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s “The Golden Goose,” purchased by Davies and Zhu for $5.8 million airplay in August 2021.
Zhu seems to have embraced the brand new philosophically, quoting the famous English poet Alfred Tennyson: “[Tis] higher to have loved and lost than never to have loved”, while highlighting the NFT auction for its supporters. 3AC bankruptcy proceedings are currently pending.
Singapore Bitcoin Miner’s Wild Week
On April 14, shares of Singapore’s Nasdaq-listed Bitcoin (BTC) mining operator SAI.TECH surged greater than 360% in sooner or later to a high of $7.42 before giving up most of its gains. The stock is currently trading at $3.68 per share on the time of publication. There was no significant news preceding the bizarre price motion – and we actually tried to discover some.
SAI.TECH develops Bitcoin mining infrastructure hardware, namely Saihub, Tankbox and Rackbox, which uses liquid cooling and waste heat recovery solutions to enhance miner efficiency.
On April 20, the corporate consolidated its product lines into three categories; Ultiaas, Boltbit and Heatnuc. Boltbit will concentrate on providing decentralized trading system services and technical support, while Heatnuc will concentrate on “research and promotion of small modular reactors.” Ultiaas emphasizes hardware and software products that convert the warmth of mining chips into reusable energy.
The company ended its 90 megawatt (MW) Phase II cryptocurrency mining and hosting plan in Kazakhstan last yr resulting from “force majeure” and can proceed to pursue a 15MW Phase I contract for a similar purpose. In January 2022, the federal government of Kazakhstan resigned after protests and web shutdowns disrupted the work of bitcoin miners within the country. The company is now specializing in operations at its testing and distribution facility in Ohio.
Bruce Lee’s NFTs Drop Out…
Not even the late Hong Kong movie legend could overcome the economic laws of supply and demand together with his martial arts prowess. From April 12 to 14, the Bruce Lee Foundation, led by his daughter Shannon, partnered with video platform NFT Shibuya to launch The House of Lee collection to have a good time the life and work of the Kung Fu legend of the identical name. A complete of 48,691 NFTs were minted at 0.008 Ether (ETH) for six,452 owners (13% unique).
There was one minor issue, just one NFT was unique in the gathering, the one from the House of Lee Genesis NFT. Thanks to the big supply, the minimum price of the gathering quickly dropped to about 0.003 ETH per item on OpenSea on the time of publication. The sale still grossed roughly $730,000 less the price of placing a mega billboard promoting the NFT airdrop on Broadway.
While initial sales can have been a bit lukewarm, NFTs are billed as “Your ticket home Lee” and there are reports that that is just the primary leg of an ongoing Web3 partnership. It looks just like the martial arts legend should be fighting in the sector of blockchain in spite of everything.
