Today in Crypto: Bankrupt Three Arrows Capital Founders Missing; Singapore’s Crypto Sector Expect Crypto Crackdown

The co-founders of Three Arrows Capital, the failed crypto hedge fund, are missing and possibly on the run from creditors, according to media reports on Tuesday (July 12).

This comes as the creditors’ lawyers say the whereabouts of Zhu Su and Kyle Davies, who started the company in 2012, are unknown. In court paperwork filed in New York, they also allege that the founders haven’t been cooperating with the liquidation process in any substantial way, per a CNBC report.

The Three Arrows Capital collapse has had far-reaching impacts across the crypto sector, including among the non-fungible token (NFT) marketplaces.

Read more: Three Arrows Bankruptcy Sale Offers Bleak Portrait of NFT Bubble

In related news, the Singapore crypto sector, which could be Asia-Pacific’s largest, looks toward an uncertain future as Three Arrows Capital has collapsed, according to Reuters on Tuesday.

This comes as the Southeast Asia financial hub is looking at further potential bankruptcies and legal issues. The sector is anticipating the regulators with the Monetary Authority of Singapore (MAS), which have previously welcomed firms from various countries like China and India, to be less accommodating going forward, per the report.

This comes with investment in the sector hitting $1.48 billion in 2021, which was ten times the previous year.

And MAS regulators have said they want to develop crypto-related services, which is a contrast with the ban in China and other issues like crypto taxes and other rules in other countries.

In other crypto news, the developers of Solana have a new $100 million venture capital and incubator firm called Protagonist, according to Coindesk Tuesday.

The company has been put together by brothers Dylan and Ian Macalinao. Angel investor and co-founder George Bousis said in the report that the focus is “mostly on emerging blockchains and technologies where we feel that we can add value within those general ecosystems or within those protocols.”

The early-stage investments will reportedly target between $1 million and $5 million in funding across 20 to 30 companies. The Macalinao brothers, who founded Saber, the stablecoin swapping protocol, co-founded Protagonist with Harry Hurst and Bousis.