Three Arrows Capital Co-Founder Su Zhu Arrested in Singapore

Home » Three Arrows Capital Co-Founder Su Zhu Arrested in Singapore
Three Arrows Capital Co-Founder Su Zhu Arrested in Singapore

Su Zhu, the co-founder of defunct crypto hedge fund Three Arrows Capital (3AC), has been arrested by authorities in Singapore after trying to go away the nation.

Teneo, the joint liquidators of his fallen firm, confirmed the information in an announcement shared with Decrypt on Friday.

“Su Zhu was apprehended at Changi Airport while trying to journey out of Singapore following a committal order by the Singapore courts in opposition to him,” learn the corporate’s assertion.

“Mr. Zhu shall be held in jail to serve his sentence for 4 months,” the agency added. Zhu’s fellow co-founder, Kyle Davies, can be due for 4 months behind bars, although his whereabouts stay unknown.

Teneo mentioned it filed and obtained its committal order in opposition to Zhu on Monday after the founder refused to comply with a court docket order compelling him to account for his actions as 3AC’s founder and funding supervisor.

3AC fell aside in June 2022 resulting from overexposure to the algorithmic stablecoin protocol, Terra, which entered an inflationary loss of life spiral within the earlier month. Each Zhu and Davies have admitted they have been near Terra co-founder Do Kwon, who was arrested in Montenegro earlier this 12 months.

Each Zhu and Davies went underground shortly after 3AC’s collapse final 12 months, citing loss of life threats. Within the meantime, they launched a brand new alternate—OPNX—for merchants to extra simply alternate chapter claims for different fallen crypto firms that 12 months, akin to FTX.

Whereas Zhu is in jail, Teneo mentioned it plans to press him for extra info associated to 3AC to help with asset restoration and to make sure he complies along with his court docket order each throughout and after his imprisonment.

Former FTX boss Sam Bankman-Fried volunteered to help with the chapter course of for his fallen alternate throughout his time on bail. Nevertheless, he has since been despatched to jail for utilizing his restricted communications to publicly leak the diary of Alameda CEO Caroline Ellison, which was deemed a type of witness tampering.

Earlier this month, the Financial Authority of Singapore barred each Zhu and Davies from partaking in regulated funding exercise for 9 years every.

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