Latest news with #3AC
News18
08-08-2025
- Automotive
- News18
Maharashtra-Goa Ro-Ro Train Gets Its First Booking, Just One In A Week
Last Updated: Konkan Railway's Ro-Ro car service for Ganesh festival has only one booking. Running on alternate days until September 11, bookings close on August 13. Konkan Railway launched its Ro-Ro (Roll-on/Roll-off) car service for this Ganesh festival. However, bookings for the service are yet to pace up. As of now, only one person has booked the trip. As per the reports, Railway officials have only received 38 calls inquiring about the service. The Ro-Ro facility is proposed to be operated on alternate days in each direction until September 11. The bookings for the service will close on August 13 for the route that commences from August 23 from Kolad and August 24 from Verna. A maximum of three people per car will be allowed to travel in the attached 3AC coach on paying the prescribed fare. Freight charges per car will be Rs 7875 in each direction, with 40 cars per train. The train journey will take about 12 hours, halving the time taken by road (20 to 22 hours, depending on traffic). As per the officials, if there are less than 16 cars bookings by August 13, it will be cancelled and the registration fee will be refunded. Ro-Ro Service Details – Timings: The train ride takes around 12 hours. But passengers must check in at least 3 hours earlier to allow time for loading their vehicles. – Rs 7,875 per vehicle – Rs 935 per passenger in the AC coach – Rs 190 per passenger in second-class seating – A maximum of 3 passengers can travel with each car Just before the Ganpati festival, the Konkan route becomes extremely busy for the railways, and the Ro-Ro service is government's alternative to the rush. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Yahoo
16-07-2025
- Business
- Yahoo
Crypto is Going Mainstream and 'You Can't Put the Genie Back in the Bottle,' Bitwise Says
The U.S. is on the verge of passing landmark crypto legislation, and if it succeeds, the impact could be profound, not only by unlocking growth, but by significantly reducing risk, asset manager Bitwise said in a report on Monday. The growth story is straightforward according to Bitwise. Regulatory clarity would empower major financial institutions, such as JPMorgan (JPM), BNY Mellon (BK), Nasdaq (NDAQ), to fully build in crypto, the report said. That means billions in new investment and a path to migrate trillions of traditional assets onto blockchain rails. The infrastructure is ready; it just needs Washington's go-ahead, according to the asset manager. This week the House of Representatives is voting on the CLARITY Act, a crypto market structure bill, and the GENIUS Act, which regulates stablecoins in the the top democrat of the Senate Agriculture committee said the market structure bill needs serious changes. If these bills pass through Congress, "you can't put the genie back in the bottle," wrote Matt Hougan, chief investment officer at Bitwise. The deeper, under appreciated shift will be in risk, wrote Hougan. Crypto's reputation has been battered by collapses including FTX, Terra/Luna, 3AC, Celsius, Mt. Gox. These weren't just failures of business models; they were failures of oversight. Without clear U.S. regulation, bad actors thrived in offshore shadows, and investors paid the price. Stronger laws wouldn't have prevented every scandal, but they would've stopped many, the report said. Bitwise notes that crypto's volatility, and previous 70%+ drawdowns, have kept institutions on the sidelines. If legislation eliminates the wildcard risk of offshore implosions, those extreme crashes may become far less frequent. And no, the political winds aren't likely to reverse, Bitwise said. The GENIUS Act passed the Senate 68–30, with bipartisan support including 18 Democrats. Wall Street wants in, and as major institutions deepen their crypto footprints, political support will only grow. When BlackRock, JPMorgan, and millions of Americans are invested, crypto becomes part of the system, too embedded to ignore, and too integral to unwind, the report in to access your portfolio
Yahoo
05-07-2025
- Business
- Yahoo
Bitcoin Long-Term Holders Signal Patience in Market
According to Glassnode, long-term holders (LTHs) are defined as investors who have held bitcoin (BTC) for at least 155 days. CoinDesk Research indicates that one reason bitcoin has ye to reach new all-time highs has been selling pressure from these long-term holders. However, zooming out, Glassnode data shows that the percentage of bitcoin's circulating supply that has not moved in at least three years currently stands at 45%, which is the same level observed in February 2024, one month after the launch of the US exchange-traded fund. Three years ago, in July 2022, the market was in the midst of the leverage crisis triggered by the collapse of 3AC and Celsius during the last bear market, when bitcoin was priced at $20,000, which shows the conviction of LTHs. Meanwhile, the share of circulating supply that has not moved in at least five years is at 30% and has remained flat since May 2024. So, even though long-term holders are selling, as they typically do when prices climb higher, these data points suggest that the broader cohort has not significantly changed its aggregate behavior for over a year now, implying that many are waiting for higher prices before making further in to access your portfolio
Singapore Law Watch
25-06-2025
- Business
- Singapore Law Watch
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside Source: Business Times Article Date: 25 Jun 2025 Author: Tessa Oh But Court of Appeal overturns lower court decision that allows liquidators to examine co-founder Zhu Su. The Court of Appeal on Tuesday (Jun 24) dismissed an application by the founders of Three Arrows Capital (3AC) to set aside orders requiring them to disclose their dealings with their now-defunct cryptocurrency fund. Chief Justice Sundaresh Menon, however, overturned a lower court decision that allowed liquidators to examine its co-founder Zhu Su following the collapse of 3AC in 2022. In October 2022, 3AC and its two founders, Zhu and Kyle Davies, were ordered by the court to disclose their dealings with the hedge fund – including any relevant books, papers, or records – to liquidators. However, both Zhu and Davies failed to comply with the disclosure order, prompting the liquidators to file two orders initiating contempt of court proceedings against them. Both men were subsequently sentenced to four months' jail for the offence. In 2023, Zhu and Davies applied to the court to have all three orders set aside, which was dismissed. They took their appeal against that decision to the Court of Appeal, in a hearing in April. Separately, following Zhu's arrest on Sep 29, 2023, liquidators sought an examination order from the court, believing that his incarceration will give them an opportunity to obtain more information about the affairs of the cryptocurrency fund. Following this, the liquidators commenced proceedings against Zhu and Davies in the British Virgin Islands, in which they sought to recover US$66 million which Zhu allegedly owed to the hedge fund. Zhu then applied for the examination order, as well as further orders for him to provide additional answers and appear for further examination, to be set aside. This application was also dismissed. 'Deliberate decision' to evade liquidators In his judgement, the chief justice ruled that the lower court had correctly dismissed the founders' applications to set aside the disclosure order, as well as the two orders relating to the contempt of court proceedings. In the April hearing, Zhu and Davies' lawyers were under the impression that they were cooperating with the liquidators' requests for information and did not think that committal orders would be sought against them. But this is 'no answer at all', said Chief Justice Menon, who noted that the founders were aware of the disclosure order by Jan 5, 2023, but had no explanation as to why they waited 10 months before filing to have the orders set aside. Their applications were also made well after the 14-day deadline prescribed in the Rules of Court 2021. Furthermore, Zhu and Davies' argument that they thought they had been cooperating with liquidators in good faith 'said nothing about whether the setting-aside applications had been brought within time, or whether there were grounds for extending time', he added. 'We are with the inference the judge drew, which is that (Zhu and Davies) deliberately chose not to take any steps to set aside the disclosure order because they thought they could remain out of reach of its enforcement. 'In such circumstances, we see no good reason why (Zhu and Davies) should be allowed to revisit the question 10 months later of whether the disclosure order should even have been made against them in the first place.' 'A delay of this time is patently unreasonable,' he added. 'Therefore, we hold that (the founders) were out of time to bring the setting-aside applications against the disclosure order.' The chief justice also noted that Zhu and Davies, being the only directors of 3AC, chose to discharge the company's lawyers a few days before the hearing for the disclosure order was to be heard. '(This) suggested a deliberate decision by (Zhu and Davies) to evade the efforts of the liquidators to gather the necessary information pertaining to the company,' he wrote. As for the application relating to the examination order, Chief Justice Menon said the order is not an appropriate means for the liquidators to obtain information from the founders. This is given that the liquidators already intended to commence proceedings to sue Zhu and Davies in the British Virgin Islands shortly before making the order. Since the liquidators had already decided they wanted to sue the founders, they should be subject to the constraints imposed by the rules of civil procedure, he added. The court set aside the examination order, but made orders to resolve the outstanding issues arising from the lower court's earlier decision to grant it. Source: The Business Times © SPH Media Limited. Permission required for reproduction. Zhu Su v Three Arrows Capital Ltd and others and other appeals [2025] SGCA 31 Print
Business Times
24-06-2025
- Business
- Business Times
Three Arrows founders fail in appeal for orders to disclose crypto fund dealings to be set aside
[SINGAPORE] The Court of Appeal on Tuesday (Jun 24) dismissed an application by the founders of Three Arrows Capital (3AC) to set aside orders requiring them to disclose their dealings with their now-defunct cryptocurrency fund. Chief Justice Sundaresh Menon, however, overturned a lower court decision that allowed liquidators to examine its co-founder Zhu Su following the collapse of 3AC in 2022. In October 2022, 3AC and its two founders, Zhu and Kyle Davies, were ordered by the court to disclose their dealings with the hedge fund – including any relevant books, papers, or records – to liquidators. However, both Zhu and Davies failed to comply with the disclosure order, prompting the liquidators to file two orders initiating contempt of court proceedings against them. Both men were subsequently sentenced to four months' jail for the offence. In 2023, Zhu and Davies applied to the court to have all three orders set aside, which was dismissed. They took their appeal against that decision to the Court of Appeal, in a hearing in April. Separately, following Zhu's arrest on Sep 29, 2023, liquidators sought an examination order from the court, believing that his incarceration will give them an opportunity to obtain more information about the affairs of the cryptocurrency fund. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Following this, the liquidators commenced proceedings against Zhu and Davies in the British Virgin Islands, in which they sought to recover US$66 million which Zhu allegedly owed to the hedge fund. Zhu then applied for the examination order, as well as further orders for him to provide additional answers and appear for further examination, to be set aside. This application was also dismissed. 'Deliberate decision' to evade liquidators In his judgement, the Chief Justice ruled that the lower court had correctly dismissed the founders' applications to set aside the disclosure order, as well as the two orders relating to the contempt of court proceedings. In the April hearing, Zhu and Davies' lawyers were under the impression that they were cooperating with the liquidators' requests for information and did not think that committal orders would be sought against them. But this is 'no answer at all', said Chief Justice Menon, who noted that the founders were aware of the disclosure order by Jan 5, 2023, but had no explanation as to why they waited 10 months before filing to have the orders set aside. Their applications were also made well after the 14-day deadline prescribed in the Rules of Court 2021. Furthermore, Zhu and Davies' argument that they thought they had been cooperating with liquidators in good faith 'said nothing about whether the setting-aside applications had been brought within time, or whether there were grounds for extending time', he added. 'We are with the inference the judge drew, which is that (Zhu and Davies) deliberately chose not to take any steps to set aside the disclosure order because they thought they could remain out of reach of its enforcement. 'In such circumstances, we see no good reason why (Zhu and Davies) should be allowed to revisit the question 10 months later of whether the disclosure order should even have been made against them in the first place.' 'A delay of this time is patently unreasonable,' he added. 'Therefore, we hold that (the founders) were out of time to bring the setting-aside applications against the disclosure order.' The Chief Justice also noted that Zhu and Davies, being the only directors of 3AC, chose to discharge the company's lawyers a few days before the hearing for the disclosure order was to be heard. '(This) suggested a deliberate decision by (Zhu and Davies) to evade the efforts of the liquidators to gather the necessary information pertaining to the company,' he wrote. As for the application relating to the examination order, Chief Justice Menon said the order is not an appropriate means for the liquidators to obtain information from the founders. This is given that the liquidators already intended to commence proceedings to sue Zhu and Davies in the British Virgin Islands shortly before making the order. Since the liquidators had already decided they wanted to sue the founders, they should be subject to the constraints imposed by the rules of civil procedure, he added. The court set aside the examination order, but made orders to resolve the outstanding issues arising from the lower court's earlier decision to grant it.
