Kyle Davies (left) and Su Zhu (center), co-founders of 3AC – Credit: Twitter @KyleLDavies
The co-founder of Three Arrows Capital, Su Zhuhas been arrested à Singaporeaccording to company in charge of liquidation from hedge fund crypto.
This Friday, Teneo, the liquidator of Three Arrows Capital (3AC)announced that Su Zhuthe co-founder of the now-defunct cryptocurrency hedge fund, had been detained by authorities at Singapore’s Changi airport as he attempted to flee the city-state, reported the Business Times.
According to Teneo, Zhu was directly incarcerated for 4 months for failing to comply with a court order aimed at forcing him to cooperate with the liquidator. While in prison, the liquidator will seek to discuss with Zhu the recovery of the hedge fund’s assets.
Throughout the process, the priority has been to recover 3AC’s assets and maximize returns for its creditors,” he said.
Once a benchmark, Three Arrows Capital became the illustration of many excesses within this new industry. The fund’s liquidation in June 2022 in the wake of falling market prices precipitated the crypto winter and impacted other major players.
The second co-founder of 3AC, Kyle Daviesremains unaccounted for. He is also the subject of a similar order, and has been sentenced to the same length of imprisonment.
Less than a year after the 3AC crash, the two men launched an exchange called OPNX dedicated to crypto debt redemption. The platform was recently reprimanded by Dubai’s crypto regulator for operating without a license in the Emirate.
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