Our weekly roundup of news from East Asia summarizes the industry’s most important developments.
Three Arrows Capital (3AC) is a once-fast-growing Singaporean hedge fund that was valued at an estimated $10 billion at its peak, but was wiped out by last year’s bear market. However, the carnival created after the first blast is still alive and well, and its protagonists seem to be doing quite well too.
Kyle Davies, one of 3AC’s co-founders, seems to have finally taken solace from the experience.After much turmoil, former hedge fund manager now transitions to ambitious restaurateur Obsess over one task — to complete art chicken recipe.
Any seasoned chef will know that cooking tender, well-seasoned, juicy, crisp-skinned chicken is a rather exquisite skill. We need to maintain a very sharp focus on meat while the technology is being applied, like focusing on the negative sentiment associated with creditors trying to claim $3.5 billion from 3AC’s bankruptcy. It is necessary to cut the scattered items.
Also read: Here’s how Ethereum’s ZK rollup will be interoperable:
Generally speaking, chefs hate rude customers. This is why when a user suggested posting a review of Davies’ new Dubai restaurant on April 14th, the now-professional chef responded by saying, “I am writing a deliberately false review and defaming my restaurant. This is why we threatened immediate legal action against the individuals who posted .
Meanwhile, Davies and co-founder Su Zhu launched the OPNX exchange on April 5 to trade the bankruptcy filings of bankrupt cryptocurrency entities such as FTX and Celsius. Initially trading only around $13 per day, by the time of launch, his daily trading volume on the exchange had reached nearly $1.8 million.
We don’t want to disappoint the crowd, but these numbers are pretty impressive. All Hong Kong-listed regulated crypto products total only about $1.19 million in trading volume per day. Consider the fact that
Exchanges are not strengthening 3AC relationships. In an April 14 interview, OPNX CEO Leslie Lamb was quoted as saying:
In other 3AC news, on April 19, the Sotheby’s auction house announced it would sell a series of NFT collections recovered by liquidators. This includes Dmitri Cerniak’s artwork “Golden Goose,” which Davis and Chu bought for his $5.8 million on Ether in August 2021.
Zhu seems to have taken the new philosophically, quoting the words of the famous English poet Alfred Tennyson.[Tis] It’s better to love and lose than not love at all,” he said, emphasizing the NFT auction for his followers.3AC’s bankruptcy proceedings are currently underway.
Wild Week for Bitcoin Miners in Singapore
On April 14, Nasdaq-listed Singaporean bitcoin (BTC) mining operator SAI.TECH’s shares soared more than 360% in a single day, hitting a high of $7.42 before falling below its profit margin. I returned a lot. Shares are currently trading at $3.68 per share for him at the time of issuance. No significant news preceded the unusual price action — and we certainly tried to identify some.
SAI.TECH develops Bitcoin mining infrastructure hardware (Saihub, Tankbox, Rackbox). It utilizes liquid cooling and waste heat recovery solutions to improve miner efficiency.
On April 20th, the company consolidated its product lines into three categories. Ultears, Voltbit, and Heatnack. Voltbit will focus on providing decentralized transaction system services and technical support, and Hitnak will focus on “researching and promoting small modular reactors”. Ultiaas focuses on hardware and software products that convert mining chip heat into renewable energy.
The company ended its Phase II 90 megawatt (MW) cryptocurrency mining and hosting expansion plan in Kazakhstan last year following a “force majeure” and will continue to execute a Phase I 15 MW contract for the same purpose. In January 2022, the Kazakhstan government resigned after protests, cutting off internet access and disrupting the activity of Bitcoin he miners in the country. The company is currently focused on operating its testing and distribution facility in Ohio.
Bruce Lee’s NFT failed…
Even the late Hong Kong film legend couldn’t break the economic laws of supply and demand with his martial dexterity. From April 12th to her April 14th, Bruce, directed by her daughter Shannon, Her Lee Foundation partnered with NFT video platform Shibuya for a House of Lee collection honoring the life and work of the eponymous Kung Fu legend. was launched. A total of 48,691 of his NFTs were issued to his 6,452 holders (13% unique) at his price of 0.008 Ether (ETH).
There was one slight problem. The only NFT in the collection was from the House of Lee Genesis NFT.With abundant supply, the lowest prices for collections soon Dropped At the time of publication, they are approximately 0.003 ETH each on OpenSea. Net sales after the cost of running a mega-billboard ad for his NFT drop on Broadway were still around $730,000.
Initial sales may have been somewhat lukewarm, but the NFT has been billed as a “ticket to the House of Lee,” with reports that this is just the first stage of an ongoing Web3 collaboration. After all, it looks like martial arts legends will continue to fight in the blockchain realm.
