The founders of Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) have had over a billion dollars of their assets frozen by a court in the British Virgin Islands. The court has banned co-founders Su Zhu and Kyle Davies from transferring or selling assets worth up to $1.14 billion. This freezing order also affects assets owned by Davies’ wife, Kelly Chen. The liquidator of 3AC, Teneo, estimates that the hedge fund’s creditors are owed approximately $3.3 billion following its collapse in 2022.
Teneo sought the worldwide freezing order, alleging that the founders should be held responsible for causing 3AC’s financial position to deteriorate by an amount equivalent to the value of the freezing orders. The founders are also subject to a domestic freezing order from the Singapore Court. 3AC was once one of the largest crypto hedge funds globally but failed to meet margin calls from lenders and filed for bankruptcy during the 2022 crypto bear market.
Zhu was arrested in Singapore in September 2023 after attempting to flee the country following a court sentencing him to four months of imprisonment. Davies, who also received an imprisonment committal order, remains at large. Both Zhu and Davies have been banned from regulated activities in Singapore for nine years by the local central bank.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇻🇬 🇸🇬 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Kelly Chen, Su Zhu, Kyle Davies |
| Companies | British Virgin Islands Court, Three Arrows Capital, Teneo, Singapore Court |
| Currencies | None |
| Securities | None |
