3AC Hedge Fund's Su Zhu Apprehended in Singapore Amid Bankruptcy Proceedings

Police & Regulations
Oct 4, 2023 at 06:11 am

Su Zhu, one of the co-founders of the hedge fund Three Arrows Capital, was detained at Changi airport in Singapore on Friday, according to reports from the firm's liquidator, Teneo.

The collapse of Three Arrows Capital in 2022 had widespread repercussions across the industry, setting off a period of uncertainty often termed as a "crypto winter."

Both Su Zhu and his fellow co-founder Kyle Davies became subjects of a committal order, resulting in a four-month imprisonment due to non-compliance with a court mandate. Currently, Kyle Davies' whereabouts remain undisclosed.

In September, the Monetary Authority of Singapore imposed a nine-year prohibition on Zhu and Davies, preventing them from owning or managing any registered capital markets firm.

Furthermore, in May, Dubai's crypto regulatory authority rebuked the duo for overseeing their latest endeavor, a bankruptcy exchange named OPNX, without proper regulatory oversight. Kyle Davies also opted not to respond to subpoenas linked to the collapse of 3AC, which were issued by a New York court.

The native token associated with their recent project saw a significant decrease of 21%, resulting in a decline in its market capitalization to $40 million.

Read more: The OX Token Tumbles: Su Zhu's Arrest Sends Shockwaves Through Crypto Community

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