Three Arrows co-founder Su Zhu arrested in Singapore, says liquidator firm

Liquidator Teneo in a statement said that Zhu had been arrested and charged

article-image

Gorodenkoff/Shutterstock modified by Blockworks

share

Teneo, the liquidator of Three Arrows Capital (3AC), said Friday that Su Zhu, the failed crypto hedge fund’s co-founder, has been apprehended by authorities in Singapore.

Teneo, in a statement shared with Blockworks, announced Zhu’s apprehension and stated that the former hedge fund founder faces four months in prison under a committal order.

The arrest is said to have occurred as Zhu sought to leave Singapore by airplane. News of the arrest has yet to be independently corroborated by Singapore authorities.

The order was applied for and obtained by Teneo on Sept. 25 after Zhu refused to comply with a court order requiring him to cooperate with the liquidators. Teneo added that “a similar committal order was granted against the other co-founder of 3AC, Mr. Kyle Livingston Davies.”

Singapore recently issued a multi-year market activity ban against both Zhu and Davies, which went into effect on Sept. 13. 

The Monetary Authority of Singapore said that 3AC misled the regulator and committed multiple violations between August 2020 and January 2022.

“MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties. MAS will take action to weed out senior managers who commit such misconduct,” Loo Siew Yee, assistant managing director of payments and financial crime at MAS said in a statement at the time.

Three Arrows collapsed in the summer of 2022 following the infamous depegging of the UST stablecoin.

Updated Sept. 29, 2023 at 10:48 am ET: Added additional context.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

Tensor has overtaken Magic Eden as the most popular NFT platform on Solana with a monthly trading volume of roughly $1 million

article-image

Babylon’s raise may indicate a growing appetite for bitcoin use cases among investors

article-image

Exclusive: German sensor maker Bosch and Web3 firms peaq and Fetch.ai showcase hardware running AI Agents, incentivized with crypto

article-image

The DOJ announced charges against the founder of the Hong Kong-based exchange in January

article-image

The collection has not previously been available to the public

article-image

Potential approval of a spot bitcoin ETF could be “a rare buy the rumor, buy the fact event,” LMAX Group market strategist says