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For the past few years, Bloody Elbow has been following the finances of Group One Holdings Pte. Ltd., the company that does business under the name of ONE Championship. During that time, the company has consistently made bold statements about its current status and confident projections about its future, while raising hundreds of millions from major institutional investors. These have not lived up to scrutiny as financial statements filed with Singapore’s Accounting and Corporate Regulatory Authority of Singapore (very similar to the US Security and Exchange Commission) have revealed massive losses over this period in the hundreds of millions.