Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
⚈As Three Arrows Capital collapsed under market pressure, its much-lesser known trading desk, TPS Capital, remained active, sources say. But a complex ownership structure might frustrate creditors' efforts to collect.
⚈The epic collapse (and now bankruptcy case) of the once-mighty crypto hedge fund Three Arrows Capital has roiled the digital-asset industry and contributed to a record first-half tumble in bitcoin's price.
⚈Yet for investors and enforcers following the money trail, the arrows point to an obscure legal entity that has so far mostly remained out of the headlines – while still aggressively trading – and possibly shielding some assets from recovery.
⚈While Three Arrows Capital used its tens of billions of dollars of assets under management to invest in new projects and take large market positions, it also operated an over-the-counter trading desk called Tai Ping Shan (TPS) Capital. The entity was once described on LinkedIn as "the official OTC desk of Three Arrows Capital," according to a scraped version of the site by Google, but the language has since been changed, distancing the two firms.
https://www.coindesk.com/markets/2022/07/02/three-arrows-paper-trail-leads-to-trading-desk-obscured-via-offshore-entities/