Zhu Su, Co-founder of Three Arrows Capital, Reportedly Apprehended in Singapore
Reports have emerged stating that Zhu Su, the co-founder of the now-defunct crypto hedge fund Three Arrows Capital, has been apprehended in Singapore. This development comes amidst mounting issues surrounding his former hedge fund and his newly launched crypto exchange, OPNX.
Apprehension at Changi Airport
According to an email update seen by The Business Times (Singapore), Su was apprehended at Changi Airport while attempting to leave the country. It has been reported that there was a committal order against Su granted by the Singapore Courts, which was applied for by Teneo – the joint liquidators of 3AC.
Lack of Cooperation and Sentencing
Su has continuously refused to cooperate with the liquidators and ongoing investigations. As per the report, he is expected to be sentenced to four months in prison. Meanwhile, Kyle Davies, the other co-founder of 3AC, also faces a similar order, but his current whereabouts are unknown to the police.
Focus on Asset Recovery
The committal order states that the liquidators plan to engage with Su during his imprisonment in order to recover assets that belong to 3AC or were acquired using its funds.
Three Arrows Capital’s Troubled History
Last year, Three Arrows Capital became one of the first crypto-focused companies to file for bankruptcy following the TerraUSD fiasco. Despite causing significant losses and market repercussions, the management of 3AC has not faced any legal consequences. Instead, they launched a crypto exchange aiming to compensate 3AC victims who remained loyal. However, this exchange has faced increased scrutiny from regulators.
Hot Take: Zhu Su’s Apprehension Sheds Light on Three Arrows Capital’s Troubles
The apprehension of Zhu Su in Singapore highlights the ongoing issues surrounding Three Arrows Capital and its co-founders. The committal order and lack of cooperation demonstrate the severity of the situation. As the liquidators plan to focus on asset recovery, it remains to be seen how this will unfold for the future of 3AC. This development also raises questions about the regulatory scrutiny faced by their newly launched crypto exchange. The consequences of these events could have a lasting impact on the crypto industry and investor trust.
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