Singapore Court Ruling in BitMEX Feud: Restraining Orders, $6 Million Debt, and Crypto Regulation

Ethereal courtroom scene, tension-filled air, powerful egos clashing, Singaporean skyline backdrop, judge wielding a gavel, abstract rendering of the Terra LUNA network, hints of a $6 million IOU, shadows of Twitter birds implying heated exchanges, soothing palette emphasizing regulation, glowing aura of transparency, somber atmosphere portraying the gravity of the situation

A recent ruling by a Singapore court has granted a restraining order request by Three Arrows Capital (3AC) co-founder Su Zhu against BitMEX co-founder Arthur Hayes. The order demands that Hayes refrain from all forms of abusive communication with Zhu, signifying one more layer of complexity in their ongoing dispute. Central to this feud is the unresolved debt of $6 million that the now-bankrupt 3AC allegedly owes Hayes.

The bitter altercation began in July 2022 after 3AC filed for bankruptcy following a series of losses in the Terra LUNA network. Shortly afterward, Hayes took to Twitter to attack Zhu and his partner, Davies, mocking them for their failure in a Bloomberg interview. The situation heated up when Hayes discovered that Zhu and Davies had raised funds for a new exchange called OPNX trading, which operated through an entity called Tai Ping Shan (TPS Capital).

According to a Coindesk article published in July 2022, TPS is the 3AC trading desk that continued operations even after the hedge fund’s collapse. Because of the convoluted ownership structure, creditors were unable to obtain a payout from the trading desk. As a result, Zhu and Davies’ OPNX exchange could still trade through TPS. The news frustrated Hayes further, leading him to demand his outstanding $6 million via Twitter.

In another instance, Hayes took offense to one of Davies’ tweets, which shared a motivational sentiment about overcoming difficult circumstances. Hayes’ replies exhibited a noticeably aggressive tone, possibly the catalyst for Zhu’s decision to request a restraining order.

The order, which was granted by Judge Sandra Looi Ai Lin, explicitly prohibits Hayes from initiating any form of communication with Zhu, or from publishing Zhu’s personal information. Additionally, Hayes must refrain from sending any abusive or insulting messages or engaging in any form of harassment that could lead to Zhu feeling alarmed or distressed.

While the restraining order marks a significant step in curbing the animosity among these industry figures, it is crucial to note that the order does not address their central disagreement: the $6 million debt owed to Hayes. It remains to be seen how the matter will ultimately be resolved and whether it will further impact the wider cryptocurrency and blockchain industries.

In conclusion, the legal intervention in the feud between Zhu, Davies, and Hayes demonstrates the growing presence of regulation and oversight in the cryptocurrency world. While this particular case showcases the more negative aspects of personal conflicts and unresolved debts, it also serves as a reminder that the cryptocurrency market must operate within the confines of the law, particularly in matters of transparency and financial responsibility.

Source: Cryptonews

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