[3][4] He ran Archegos Capital Management, whose default on March 26, 2021 caused major losses to several notable investment banks.
In April 2021, The Wall Street Journal reported that Hwang had lost US$20 billion over 10 days in late March, imposing large losses on his bankers Nomura and Credit Suisse.
Robertson gave Hwang a starting capital of about $25 million to launch his own Tiger Asia Management fund,[12] which grew to over $5 billion at its peak,[3] before suffering "heavy losses" during the 2007–09 Great Recession.
[13] In 2012, Tiger Asia Management and Hwang admitted to illegally using inside information to trade Chinese bank stocks and agreed to criminal and civil settlements totaling more than US$60 million.
[12] In March 2021, as Archegos Capital Management faced mounting margin calls due to declining stock prices, several prime brokers, including UBS and Credit Suisse, urged Bill Hwang to liquidate positions to mitigate losses.
[23] On September 8, 2022, District Judge Alvin Hellerstein set October 2023 as the month when the trial of Hwang and Halligan, both of whom have pleaded not guilty, will begin.
Former Archegos head trader William Tomita and ex-Chief Risk Officer Scott Becker have both pleaded guilty and agreed to testify against Hwang and Halligan.
"[31] On November 21, 2024 Judge Hellerstein said he would consider reducing the prison sentence for Hwang after his lawyer Barry Herke advocated for serving 6 ½ years in home confinement.
[11] Despite his immense wealth, Hwang lived modestly, driving a Hyundai SUV and focusing on his faith and relationship with God—a continuation of his upbringing as the son of a pastor.
He hosted regular Scripture readings at his foundation’s Midtown Manhattan offices and supported sessions at Metro Community Church.
[37] Through the Grace and Mercy Foundation, Hwang has made large contributions to Christian organizations such as Focus on the Family, the Museum of the Bible, The King's College, and megachurches such as Brooklyn Tabernacle, Redeemer Presbyterian Church, and Ravi Zacharias International Ministries.