Su Zhu, co-founder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), has been arrested at Singapore’s Changi Airport while attempting to leave the country. The liquidators overseeing 3AC’s affairs revealed this development. It stems from Zhu’s failure to comply with court orders related to the fund’s liquidation investigation, resulting in a “committal order” sentencing him to four months in prison.
The same committal order has also been issued against Kyle Davies, another co-founder of 3AC, who is currently unaccounted for. To provide context, 3AC once managed around $10 billion in assets and held a significant position in the crypto market.
In July 2022, the fund filed for Chapter 15 bankruptcy in New York, which had far-reaching consequences for the crypto industry, leading to operational adjustments and customer withdrawal restrictions among major players following the Terra/LUNA project’s collapse.
(Source: MacKenzie Sigalos | CNBC | Jacquelyn Melinek | TechCrunch)
