The assets of 3AC co-founder Su Zhu, amounting to $1.144 billion, have been frozen by the British Virgin Islands Court.

The British Virgin Islands court The court has mandated a freeze on Su Zhu's global assets, which are estimated to be worth $1.144 billion, in order to prevent any unauthorized transactions. Three Arrows Capital Creditors are currently faced with estimated claims totaling around $3.3 billion, highlighting the financial dilemma.

Once recognized as a prominent player in the cryptocurrency hedge fund space, Three Arrows Capital faced a downturn in 2022, resulting from a series of poor investment decisions that affected the broader crypto market.

The firm entered bankruptcy proceedings in the British Virgin Islands, marking a significant turning point.

Having operated previously from Singapore The appointed liquidator for 3AC has previously indicated concerns over the founders' failure to cooperate effectively during the liquidation process. Teneo According to a representative from Teneo, a worldwide freeze on assets has been pursued in relation to claims made by liquidators, alleging that the founders may be liable for the deterioration of 3AC’s financial situation equivalent to the asset value marked for freezing.

The downfall of Three Arrows Capital has sent shockwaves through financial markets.

This situation closely follows a freezing order issued by a court in Singapore a day earlier, and it coincided with Zhu attempting to depart from Singapore’s Changi Airport.

The actions taken against Zhu and Davies also restrict them from participating in any regulated activities within the jurisdiction. arrest in September Earlier this month, Teneo successfully transferred roughly $12.73 million in DYDX tokens to Binance, a move made to manage 3AC’s assets throughout the liquidation phase. Before this, Teneo was a substantial holder of DYDX, ranking sixth, and despite this transfer, they continue to possess a considerable amount of DYDX tokens valued at about $29.80 million.

Singapore has further prohibited In light of the Three Arrows Capital collapse, the British Virgin Islands court's decision to freeze Su Zhu’s global assets underscores ongoing scrutiny.

The freezing of Su Zhu's assets worth $1.144 billion is a pivotal step in the unfolding narrative.

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