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11 months ago
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ARTICLE AD BOX
- This development has been verified by Teneo, the fund’s liquidator to Bloomberg.
- The disclosure follows a domestic freezing order granted by the Singapore Court.
The founders of the crypto hedge fund Three Arrows Capital (3AC) have had assets worth about $1 billion frozen by a court in the British Virgin Islands. This development has been verified by Teneo, the fund’s liquidator to Bloomberg.
According to an email from liquidator Teneo, the court has granted an order prohibiting co-founders Su Zhu and Kyle Davies, together with Davies’ wife Kelly Chen, from selling or transferring assets worth up to $1.14 billion. Creditors are due almost $3.3 billion, according to the liquidator.
Teneo stated:
“The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst other things, that the founders should be held responsible for causing 3AC’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought”.
Similar Move by Singapore Court
Despite being a major participant in the crypto hedge fund industry in the past, Three Arrows had a disastrous collapse in 2022 as a result of a string of bad bets and the overall market collapse.
Moreover, the disclosure, according to Teneo, follows a domestic freezing order granted by the Singapore Court. Also, this came one day after Su Zhu was apprehended at Singapore’s Changi Airport in September as he tried to leave the nation. The Singaporean government has barred Su Zhu and Kyle Davies from participating in any regulated activity while they are in the nation.
During its bankruptcy, the Singapore-based 3AC hedge fund sought refuge in the British Virgin Islands. The founders, Su Zhu and Kyle Davies, are facing accusations of non-cooperation from Teneo, who was appointed liquidator by a court in the British Virgin Islands.
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