Asia Express – Cointelegraph Magazine

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Our weekly East Asia news roundup organizes the most important developments in the industry.

Three Arrows Capital (3AC), a once booming Singaporean hedge fund worth an estimated $10 billion at its peak, was completely wiped out by the bear market last year. However, the carnival he has created since the initial explosion is still alive, and his main characters also seem to be doing well.

One of 3AC’s co-founders, Kyle Davies, seems to have finally found some solace in the experience. After much turmoil, the former hedge fund manager has now become a budding restaurateur obsessed with one task: perfecting the art of cooking chicken.

Kyle Davies cutting… nothing for some reason. (Twitter)

Any seasoned chef knows that cooking tender, well-seasoned, juicy, crispy-skinned chicken is a rather exquisite skill. Perfecting it requires maintaining a precise focus on the meat while the techniques are applied, which requires removing distractions such as focusing on negative feelings related to creditors trying to claim $3.5 billion in bankruptcy. of 3AC during the performance.

Generally speaking, chefs don’t like rude customers. That’s why, when a user suggested on April 14 to review Davies’ new restaurant in Dubai, the now-professional cook immediately threatened legal action against people who intentionally posted false reviews and defamed my restaurant.

Intentional false reviews and defamation of my restaurant are illegal. We will prosecute anyone who engages in this behavior. https://t.co/W01wxxI6fY

— Kyle Davies (@KyleLDavies) April 14, 2023

Meanwhile, Davies and his co-founder Su Zhu launched the OPNX exchange on April 5, launched to trade the bankruptcy claims of failed crypto entities such as FTX and Celsius. Although the daily volume was initially only around $13, at press time the exchange had reached almost $1.8 million in daily trading volume.

It’s not nice to be the one to let the crowd down, but those numbers are pretty impressive. Consider the fact that the sum of all regulated crypto products listed in Hong Kong is only around $1.19 million in volume per day.

Not that the exchange plays its 3AC links. In an April 14 interview, OPNX CEO Leslie Lamb reportedly said that although Su Zhu and Kyle contributed a lot in terms of ideas and vision at an early stage, they are currently no longer involved in operations. daily OPNX.

In other 3AC news, on April 19, auction house Sothebys announced it would sell a series of NFT collections salvaged by liquidators, including Dmitri Cherniaks’ work The Golden Goose, purchased by Davies and Zhu with $5.8 million in Ether in August 2021.

Zhu seems to have taken the news philosophically, quoting the famous English poet Alfred Tennyson: [Tis] better to have loved and lost than never to have loved at all,” while highlighting the NFT auction for his followers. 3ACs’ bankruptcy proceedings are currently underway.

In a post to followers, Su Zhu bids his audience good morning and asks for only good vibes. (Twitter)Singaporean Bitcoin Miners Crazy Week

On April 14, shares of Singaporean bitcoin (BTC) mining operator SAI.TECH, listed on the Nasdaq exchange, jumped more than 360% in one day to hit a high of $7.42 before trading. a large part of his earnings. The stock is currently trading at $3.68 per share at press time. There was no major news preceding the unusual price action and we certainly tried to identify a few.

SAI.TECH develops Bitcoin mining infrastructure hardware, namely Saihub, Tankbox, and Rackbox, which uses liquid cooling and waste heat recovery solutions to improve miner efficiency.

On April 20, the company grouped its product lines into three categories; Ultiaas, Boltbit and Heatnuc. Boltbit will focus on providing decentralized transaction system services and technical support, while Heatnuc will focus on “research and promotion of small modular reactors”. Ultiaas focuses on hardware and software products that convert heat from mining chips into reusable energy.

The company ended its 90 megawatt (MW) Phase II cryptocurrency mining and hosting expansion plan in Kazakhstan last year following a force majeure event” , and will continue to execute its 15 MW Phase I agreement for the same purpose. In January 2022, the Kazakh government resigned following protests and shut down internet access, disrupting the operations of Bitcoin miners in the country. The company is currently focusing on operations at its test and distribution facility in Ohio.

SAI.TECH’s leading bitcoin mining infrastructure products. (SAI.TECH) Bruce Lee’s NFTs Sparkle…

Not even the late Hong Kong movie legend could beat the economic laws of supply and demand with his dexterity in the martial arts. Between April 12 and 14, the Bruce Lee Foundation, led by his daughter Shannon, teamed up with video platform NFT Shibuya to launch The House of Lee collection to celebrate the life and work of the namesake legend. of Kung Fu. A total of 48,691 NFTs were minted at a price of 0.008 Ether (ETH), with 6,452 owners (13% unique).

There was a slight problem, only one NFT was unique in the collection, that of the House of Lee Genesis NFT. With ample supply, the collection’s floor price quickly dropped to around 0.003 ETH each on OpenSea at press time. The sale still grossed around $730,000, minus the cost of placing a mega billboard for the NFT drop on Broadway.

While the initial sale may have been somewhat lukewarm, NFTs are billed as your ticket to the House of Lee, and it appears to be just the first leg of an ongoing Web3 collaboration. It looks like the martial arts legend may still be fighting in the blockchain realm after all.

Sun Zhiyuan

Zhiyuan sun is a reporter at Cointelegraph and focuses on technology-related news. He has several years of experience writing for major financial media such as The Motley Fool, Nasdaq.com and Seeking Alpha.

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