A British Virgin Islands Court Freezes 3AC Co-Founders’ Assets
A court in the British Virgin Islands has issued an order freezing approximately $1.14 billion in assets belonging to the co-founders of Three Arrows Capital (3AC). The court order prohibits co-founders Su Zhu and Kyle Davies, as well as Davies’ wife Kelly Chen, from transferring or selling the assets. Creditors are estimated to be owed around $3.3 billion.
Singapore Court Froze 3AC Assets
In addition to the recent court order in the British Virgin Islands, the Singapore Court has previously issued a domestic freezing order. Su Zhu and Kyle Davies were sentenced to four months in prison for contempt of court and have been banned from conducting any regulated activity in Singapore.
Su Zhu Expected to be Released
Zhu is set to be released this month based on standard good behavior. The liquidators will continue to pursue all available opportunities to recover creditor assets worth billions in the coming months. 2022 was a year riddled with industry collapses, including 3AC, Terra Network, and FTX.
Hot Take: Three Arrows Capital Faces Asset Freeze
A British Virgin Islands court has frozen approximately $1.14 billion in assets belonging to the co-founders of Three Arrows Capital (3AC). The court order prohibits the transfer or sale of these assets. Three Arrows Capital collapsed in 2022 due to poor investments and a broader cryptocurrency market downturn. Creditors are owed around $3.3 billion, and liquidators are pursuing claims against the founders for causing the fund’s deterioration. This asset freeze follows a previous freezing order issued by a Singapore court and legal troubles faced by the co-founders. The liquidators will continue their efforts to recover creditor assets in the coming months.
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