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Assets worth about $1 billion belonging to the cryptocurrency hedge fund Three Arrows Capital (3AC) founders were frozen by a British Virgin Islands court. A British Virgin Islands court has frozen about $1 billion in assets owned by the founders of the cryptocurrency hedge fund Three Arrows Capital (3AC), as stated by the firm’s liquidator. The court’s order restricts co-founders Su Zhu and Kyle Davies, and Davies’ wife Kelly Chen, from moving or selling assets valued up to $1.14 billion, with creditors estimated to be owed around $3.3 billion. 3AC, previously one of the biggest crypto-native hedge funds, collapsed in 2022 following a series of unsuccessful investments. “The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, among other things, that the founders should be held responsible for causing 3AC’s position to deteriorate by an amount that is equivalent to the value of th...

A Singapore court permitted the use of NFTs to attach legal court orders tokenized as an NFT to issue a freeze order. ​​Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter informs and inspires you to dig deeper into the latest NFT trends and insights. In this week’s newsletter, read about how a nonfungible token (NFT) became a focus point in a Singapore court battle, learn about the importance of decentralized random ness in the Web3 gaming sector and find out why Universal Music Group is suing Anthropic over copyright infringement. Singapore court authorizes freeze order attached to wallets as soulbound NFT The Singapore High Court has allowed financial investigation firm Intelligent Sanctuary to attach NFTs containing a legal document to cold wallets associated with a hack, according to United Kingdom-based iSanctuary and local press accounts. A court-...

The cryptocurrency community has finally witnessed the end of the long-running court room standoff in which the United States Securities and Exchange Commission (SEC) sued Ripple over the issuance and selling of XRP – with the SEC retreating from the case. Specifically, the SEC has agreed to dismiss the civil allegations against the blockchain company’s CEO, Brad Garlinghouse, and co-founder Chris Larsen, according to the court documents shared by a former federal prosecutor and popular commentator on the case, James K. Filan, in an X post on October 19. #XRPCommunity #SECGov v. #Ripple #XRP BREAKING: CASE DISMISSED AGAINST BRAD GARLINGHOUSE AND CHRIS LARSEN pic.twitter.com/BYTe9152jM — James K. Filan (@FilanLaw) October 19, 2023 SEC’s capitulation Commenting on the development, Garlighouse pointed out that this was his company’s third victory against the regulator, arguing that the SEC targeted him and Larsen in a “ruthless attempt to personally ruin us and the com...

Stuart Alderoty says that an appeal by the Securities and Exchange Commission could see Ripple consolidate its victory over the regulator even further. Concerns of a potential appeal by the United States securities regulator to the landmark Ripple ruling earlier this month were shrugged off by Ripple’s chief legal officer. Stuart Alderoty believes that if the SEC takes the case to an appeal , the court could move to consolidate Ripple Labs’ partial victory over the financial regulator even further. Speaking on a July 26 TechCrunch podcast, Alderoty reiterated his position that the XRP (XRP) token does not constitute an investment contract and that the Ripple team would not shy away from any appeal brought to the courts by the SEC. “We think the judge got that right, and we think that was a faithful application of the law, and I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.” On July 13, Judge Analisa Torres ruled XRP was no...