Su Zhu, co-founder of the collapsed hedge fund Three Arrows Capital, was arrested at Singapore's Changi Airport while attempting to depart the country.
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While trying to exit Singapore, Zhu Su, the co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC), was taken into custody.
He received a four-month sentence after failing to follow a court order linked to the liquidation proceedings of 3AC.
Zhu Su, previously a key player in the bankrupt cryptocurrency investment firm, was apprehended in Singapore's Changi Airport during his attempt to leave. ro ro ru His four-month prison sentence stems from his non-compliance with a court order that pertained to the liquidation process of 3AC. Meanwhile, his fellow co-founder, Kyle Davies, is currently untraceable.
The fund, which was at one point under the leadership of noted crypto billionaires, faced its downfall in 2022 due to massive losses following the collapse of the Luna and TerraUSD cryptocurrencies.
The latest development comes in light of a court order obtained by Teneo, the joint liquidator of 3AC, which mandates Zhu's compliance due to his apparent 'willful failure' to assist in their investigations as ordered by the court. Zhu's presence was required to clarify his role as a co-founder and former investment manager.
During Zhu's incarceration, the liquidators are set to engage with him to retrieve assets associated with 3AC or any assets acquired with the fund's capital. Additionally, Teneo may pursue other court orders as needed. Their main focus remains on recovering 3AC’s assets to ensure maximum returns for its creditors.
Previously, the Monetary Authority of Singapore (MAS) had prohibited Zhu and his co-founder Kyle Davies from participating in regulated investment activities for a period of nine years, starting from September 13. This followed the significant collapse of 3AC in 2022, which was marked by substantial cryptocurrency losses.
As the financial difficulties mounted, it became necessary for 3AC to enter into liquidation proceedings. ru Moreover, the MAS had reprimanded 3AC for a series of infractions, including providing misleading information, failing to report changes in governance and shareholding, and exceeding the asset management threshold allowed for registered management firms.
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