Bankrupt Crypto Hedge Fund 3AC's Su Zhu Apprehended in Singapore, Liquidator Says

Co-founder of the Three Arrows Capital hedge fund was seized at Changi airport, Teneo said

AccessTimeIconSep 29, 2023 at 2:21 p.m. UTC
Updated Sep 29, 2023 at 2:43 p.m. UTC

Su Zhu, co-founder of hedge fund Three Arrows Capital, was apprehended at Changi airport in Singapore on Friday, according to the company's liquidator Teneo.

The hedge fund collapsed in 2022, and interconnections within the industry meant the impact of its collapse quickly brought on a new crypto winter.

Zhu, alongside co-founder Kyle Davies, was the subject of a committal order sentencing him to four months' imprisonment due to failure to comply with a court order.

Davies' whereabouts remain unknown, the statement added.

Earlier in September, the Monetary Authority of Singapore banned Zhu and Davies from owning or running any registered capital markets firm for nine years.

In May, the pair were also reprimanded by Dubai's crypto regulator for operating their new venture, a bankruptcy exchange called OPNX, as an unregulated exchange. Davies has also declined to respond to subpoenas relating to 3AC's collapse issued by a New York court.

The native token of the duo's new project fell by 21% as its market cap shrank to $40 million.

Oliver Knight contributed to the reporting of the story

UPDATE (Sept. 29, 14:40 UTC): Updates to add more context and price action of OX token.

Edited by Aoyon Ashraf.


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Jack Schickler

Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.