From Culinary Delights to Cryptocurrency Surges: The Latest Headlines from Asia Express!

"Singaporean Hedge Fund Three Arrows Capital Crumbles Under Bear Market Pressure, Leaves Industry in Shock"

Singaporean hedge fund, Three Arrows Capital (3AC), worth an estimated $10 billion at its peak, was completely destroyed by the bear market last year. However, its co-founders, Kyle Davies and Su Zhu, are still thriving. Davies has transitioned into an aspiring restauranteur, focusing on perfecting the art of cooking chicken. He has opened a restaurant in Dubai and has threatened legal action against anyone who posts false reviews or defamation against his establishment. Meanwhile, Davies and Zhu launched the OPNX exchange, which trades bankruptcy claims of fallen crypto entities such as FTX and Celsius. The exchange has reached nearly $1.8 million in daily trading volume, which is impressive considering the sum of all regulated crypto products listed in Hong Kong only does about $1.19 million in volume per day. In other 3AC news, Sotheby’s auction house announced it would sell a series of NFT collections recovered by liquidators, including Dmitri Cherniak’s artwork “The Golden Goose,” which was purchased by Davies and Zhu with $5.8 million in Ether in August 2021. 3AC’s bankruptcy proceedings are currently ongoing.

Shares of Singaporean Bitcoin (BTC) mining operator SAI.TECH surged over 360% in one day to a high of $7.42 before giving back much of its gains. The stock is currently trading at $3.68 per share at the time of publication. SAI.TECH develops Bitcoin mining infrastructure hardware, namely Saihub, Tankbox, and Rackbox, that utilizes liquid cooling and waste heat recovery solutions to improve efficiency for miners. The company consolidated its product lines into three categories; Ultiaas, Boltbit, and Heatnuc. Boltbit will focus on providing decentralized transaction system services and technical support, while Heatnuc focuses on the “research and promotion of small modular reactors.” Ultiaas puts the emphasis on hardware and software products that convert mining chip heat to reusable energy. The company terminated its Phase II 90 megawatts (MW) crypto mining and hosting expansion plan in Kazakhstan last year following a “force majeure,” and will continue to execute its Phase I 15 MW agreement for the same purpose. The company is currently emphasizing operations at its testing and distribution facility in Ohio.

The Bruce Lee Foundation, directed by his daughter Shannon, partnered with NFT video platform Shibuya to launch The House of Lee collection to celebrate the life and work of the namesake Kung Fu legend. A total of 48,691 NFTs were minted at a price of 0.008 Ether (ETH), to 6,452 owners (13% unique). However, only one NFT was unique in the collection, that of the House of Lee Genesis NFT. With an abundance of supply, the floor price of the collection quickly dropped to around 0.003 ETH apiece on OpenSea at the time of publication. The sale still grossed approximately $730,000, minus the cost of placing a mega billboard advertisement for the NFT drop on Broadway. The NFTs are billed as “Your ticket to the House of Lee,” and there are reports that this is a mere first stage of an ongoing Web3 collaboration.

Zhiyuan Sun is a journalist at Cointelegraph focusing on technology-related news. He has several years of experience writing for major financial media outlets such as The Motley Fool, and Seeking Alpha.

Martin Reid

Martin Reid

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