Law enforcement authorities have taken the crypto fugitive Su Zhu, one of the founders of the bankrupt digital asset hedge fund Three Arrows Capital, into custody. Liquidators managing the bankruptcy of the defunct fund reported that Zhu was apprehended at Changi Airport in Singapore while allegedly attempting to leave the nation. Teneo, the financial consultancy overseeing the liquidation of 3AC, said that Zhu and his co-founder, Kyle Davies, have been sentenced to four months in prison. as crypto market takes another dive
Authorities have apprehended Su Zhu, co-founder of digital asset hedge fund Three Arrows Capital (3AC), who was trying to flee Singapore. According to Teneo, the financial advisory firm handling 3AC's liquidation, Zhu and co-founder Kyle Davies have both been sentenced to four months in prison. However, Davies is yet to be found and the Singapore Courts have ordered the police to arrest him and present him safely to serve his sentence.At its peak, 3AC managed about $10 billion in assets. Unfortunately, the crypto market's plunge in prices and a shaky trading strategy led to its bankruptcy in mid-2022 and resulting in a series of bankruptcies across the sector.Teneo highlighted that their primary focus is to recover the assets of 3AC to maximize returns for its creditors and they may seek further court orders against Zhu while in custody. Moreover, the Monetary Authority of Singapore has declared that the co-founders are prohibited from conducting any regulated investment activity for nine years.In January, Davies and Zhu were reportedly attempting to establish a new venture called GTX, a distressed debt marketplace. Nonetheless, the mission was unsuccessful due to their criminal activities.
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