3AC co-founder detained at Singapore airport


Su Zhu, co-founder of the bankrupt hedge fund Three Arrows Capital (3AC), was detained in Singapore while trying to fly out of the country, The Business Times reports.

According to the publication, this happened on September 29 at Changi Airport. A few days earlier, Teneo, which is handling the liquidation of 3AC, demanded that action be taken against him for “deliberately refusing” to comply with a court order to cooperate in the investigation.

The company said the court sentenced Su Zhu to four months in prison. According to journalists, a similar ruling was made against Kyle Davis, another co-founder of the hedge fund. His whereabouts are unknown.

In July, Teneo flagged the possibility of recovering $1.2 billion from Digital Currency Group and BlockFi. Prior to this, 3AC liquidators sued Su Zhu and Kyle Davis demanding the return of $1.3 billion.

In May 2022, after the collapse of the cryptocurrency market and the collapse of Terra, information appeared about the possible insolvency of Three Arrows Capital.

At the end of June, a court in the British Virgin Islands ordered the liquidation of the hedge fund. In July, 3AC filed for bankruptcy in New York court. According to Nansen, the organization managed about $10 billion in assets.

Recall that in September, the Monetary Authority of Singapore banned the founders of Three Arrows Capital from participating in regulated business activities in the country for nine years.

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