Tuesday, November 28, 2023

Su Zhu, one of the original founders of the now-defunct Three Arrows Capital, has been apprehended in Singapore at Changi Airport, according to Teneo, the firm’s liquidator. Zhu has been handed a four-month prison sentence for his failure to cooperate in the bankruptcy proceedings, as disclosed by Teneo.

Operation at Changi Airport: Detainment of 3AC’s Su Zhu, Associate Kyle Davies Remains at Large

Teneo, responsible for overseeing the liquidation process of Three Arrows Capital, has reported the apprehension and subsequent four-month incarceration of co-founder Su Zhu. Meanwhile, his associate, Kyle Davies, is still evading authorities, although Teneo has confirmed that he will face an identical penalty.

Zhu allegedly attempted to flee Singapore but was intercepted at Changi Airport, located approximately 25 miles to the east of Singapore’s Downtown Core. The Singaporean court ruled that both Zhu and Davies had been uncooperative in the liquidation procedure, an issue that had been previously reported by the media several months prior to their apprehensions.

The defunct Singapore-based cryptocurrency hedge fund, at its peak, managed assets exceeding $10 billion. However, a combination of high-risk trading strategies, the collapse of Terra, and a sharp decline in cryptocurrency values led to the dissolution of the firm’s assets. Consequently, Three Arrows Capital declared bankruptcy and was ordered to undergo liquidation by a British Virgin Islands court on June 27, 2022.

Squawk Box reported that Kyle Davies, the co-founder of Three Arrows Capital, was questioned about his whereabouts in Bali, as Indonesia is one of seven countries that does not have an extradition agreement with the United States. While this interview took place in November 2022, Davies is believed to still be residing in Bali.

Please share your thoughts and opinions on the arrest of the co-founder of Three Arrows Capital in the comments section below.

Frequently Asked Questions (FAQs) about Arrest

What led to Su Zhu’s arrest in Singapore?

Su Zhu’s arrest in Singapore was a result of his failure to cooperate in the bankruptcy proceedings of Three Arrows Capital, the cryptocurrency hedge fund he co-founded. This non-cooperation with the liquidation process, as confirmed by Teneo, the firm’s liquidator, led to his apprehension.

What happened to Three Arrows Capital?

Three Arrows Capital, a Singapore-based cryptocurrency hedge fund, faced a significant downturn due to a combination of factors, including high-risk trading strategies, the collapse of Terra, and a sharp decline in cryptocurrency values. Consequently, the firm declared bankruptcy and was ordered to undergo liquidation by a British Virgin Islands court on June 27, 2022.

What is the status of Kyle Davies, Su Zhu’s associate?

Kyle Davies, Su Zhu’s associate and co-founder of Three Arrows Capital, is currently evading authorities. However, it has been confirmed by Teneo that he will also face a four-month prison sentence, similar to Su Zhu’s, once he is apprehended.

How was Su Zhu arrested?

Su Zhu allegedly attempted to flee Singapore but was intercepted at Changi Airport, located approximately 25 miles to the east of Singapore’s Downtown Core. His arrest was a result of the Singaporean court’s ruling that he had not been cooperating with the liquidation procedure, an issue previously reported by the media.

What were the peak assets managed by Three Arrows Capital?

At its peak, Three Arrows Capital managed assets exceeding $10 billion. However, the firm’s assets were significantly reduced due to various financial challenges and market downturns, ultimately leading to its bankruptcy and liquidation.

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4 comments

CryptoEnthusiast123 September 30, 2023 - 8:16 am

su zhu’s got nabbed in singapore for not helpin’ with their money mess. crazy stuff! kyle davies is also in hot water, same 4-month thing. _xD83D__xDE80_

Reply
BlockchainQueen September 30, 2023 - 9:18 am

A $10 billion crypto hedge fund’s downfall – high risks and Terra’s fall. Su Zhu’s arrest & Kyle Davies still hidin’. _xD83D__xDE48__xD83D__xDE81_

Reply
BusinessInsider2023 October 1, 2023 - 6:03 am

Three Arrows Capital’s troubles and liquidation. Su Zhu’s arrest at Changi Airport, plus the Kyle Davies situation. _xD83D__xDCB0__xD83D__xDD12_

Reply
FinanceWiz88 October 1, 2023 - 6:49 am

Three Arrows Capital went boom! _xD83D__xDCC9_ Su Zhu tried to skedaddle but got caught at Changi Airport. Both him and Kyle Davies gotta do 4 months! _xD83D__xDCBC__xD83D__xDC94_

Reply

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