3AC filed for bankruptcy in July last year as the crypto market began to face its worst phase….reports Asian Lite News
Su Zhu, Co-founder of bankrupt crypto hedge fund Three Arrows Capital (3AC) has been arrested here, the media reported on Saturday.
Zhu was taken into custody while attempting to leave the country from Singapore’s Changi Airport.
3AC filed for bankruptcy in July last year as the crypto market began to face its worst phase.
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Teneo which is the liquidation firm in charge of liquidating 3AC’s assets, said it received a committal order against Zhu after he failed to comply with a court order, reports The Verge.
During his time in prison, the liquidators will engage with Zhu on “matters relating to 3AC, focusing on the recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds.”
The firm said that liquidators “will pursue all opportunities to ensure Zhu complies in full with the court order.”
In July last year, the founders of collapsed 3AC had vanished and the officials charged with liquidating the company were looking for their whereabouts.
The mega fund, founded by Credit Suisse traders Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets.
A British Virgin Islands court tasked business management company Teneo to oversee 3AC’s liquidation.
The bankruptcy came as popular crypto tokens such as Bitcoin and Ethereum nosedived by nearly 70 per cent from their record highs amid the economic meltdown.
3AC defaulted on a more than $650 million loan provided by crypto broker Voyager Digital, which also filed for bankruptcy.
3AC also reportedly failed to repay $270 million to crypto exchange blockchain.com.
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