Reading Time: 2 minutes
- Su Zhu, co-founding father of the defunct cryptocurrency hedge fund Three Arrows Capital, become final week arrested in Singapore
- Zhu has been held for failing to conform with court orders and faces a four-month sentence
- Three Arrows co-founder Kyle Davies is moreover sought but can no longer be found
Su Zhu, co-founding father of the defunct cryptocurrency hedge fund Three Arrows Capital, become arrested on Friday while making an strive to transfer away Singapore after failing to conform with court orders. His arrest follows a committal verbalize issued by the Singapore courts against Zhu, who is made up our minds to serve a four-month sentence as a consequence. The whereabouts of Three Arrows’ co-founder, Kyle Davies, who is moreover being sought by authorities and is slated for a four-month penal complex term on the same prices, stay unknown.
Zhu Didn’t Comply With Court docket Affirm
The facts become broken by Teneo, the court-appointed Three Arrows liquidator, which took fair walk against Zhu after he refused to conform with a court verbalize requiring him to fable for his actions as the hedge fund’s founder and funding manager. Three Arrows collapsed in June 2022, primarily attributable to grievous publicity to the algorithmic stablecoin protocol Terra, which had imploded the outdated month.
Every Zhu and Davies admitted to having close ties with Terra co-founder End Kwon, who become found responsible of file tampering in Montenegro in June and is essential on civil prices within the US.
Hunt for Kyle Davies
Following Three Arrows’ give method, Zhu and Davies went into hiding, citing death threats against them. At some stage in this time, they launched OPNX, a brand unique alternate designed to facilitate the alternate of industrial kill claims for various struggling crypto companies, including FTX.
Zhu’s Three Arrows co-founder, Kyle Davies, has moreover been dedicated to four months in penal complex, but Teneo said that his whereabouts “stay unknown at this point in time.”
Earlier this month, the Monetary Authority of Singapore imposed a 9-twelve months ban on each and each Zhu and Davies, prohibiting them from taking portion in regulated funding activities.
