The founders of bankrupt cryptocurrency hedge fund Three Arrows Capital – Zhu Su and Kyle Davies – have been issued nine-year prohibition orders by the Monetary Authority of Singapore (MAS), according to a report by Bloomberg.

The report cites a statement from MAS on Thursday as confimring that the orders took effect on Wednesday and ban Zhu, the firm's CEO, and Davies, its Chairman and Director, from any regulated activity in the city state.

Three Arrows Capital was the first major crypto firm to go bankrupt in 2022, brought down by the collapse of cryptocurrencies Luna and TerraUSD. It filed for bankruptcy in the British Virgin Islands in late June that year.

MAS reprimanded Three Arrows Capital at the time for providing false information and failing to notify the authority about changes to Zhu’s and Davies’ directorship and shareholdings.

The pair are also prohibited from managing, being directors of, or becoming substantial shareholders of any capital market services company under the Securities and Futures Act, according to the MAS statement.