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Singapore Authorities Detain 36-Year Old Man in Response to Su Zhu's Arrest, Reports Reuters

Police & Regulations
Oct 7, 2023 at 12:37 pm

In a recent turn of events, a 36-year-old individual was apprehended at Singapore's Changi Airport on September 29, according to official sources. While the detainee's identity remains confidential, this incident is closely tied to the arrest of Su Zhu, one of the founding members of the now-defunct cryptocurrency hedge fund, Three Arrows Capital (3AC).

Though local law enforcement has refrained from disclosing additional details or confirming Su Zhu's apprehension, the fund's liquidator, Teneo, publicly disclosed the event last week. City authorities in Singapore are yet to issue an official statement confirming the incident.

Despite outreach for comments, the Singapore Police have not yet responded to Bitsday's inquiry.

Simultaneously, the current whereabouts of Kyle Davies, the other co-founder of 3AC, remain unknown, and he is presently evading authorities. Both Davies and Zhu are subjects of a committal order, which has resulted in a four-month imprisonment sentence due to their failure to comply with a court directive.

Once a prominent player in the cryptocurrency industry, 3AC faced significant losses stemming from a series of unfortunate trades and investments spanning 2021 and 2022. These substantial setbacks ultimately led to the fund's closure, sending shockwaves through the broader market. As it stands, the fund is burdened with a debt of approximately $2.8 billion. Since last year, both Davies and Zhu have reportedly managed to elude authorities' attempts to locate them.

Read more: BlockFi Makes Significant Progress Toward Exiting Bankruptcy Proceedings

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