- Singaporean authorities have arrested a 36-year-old man, reportedly co-founder of 3AC.
- The now-insolvent cryptocurrency hedge fund 3AC owes creditors roughly $2.8 billion.
- Second 3AC co-founder, Kyle Davies, is currently unaccounted for.
Singapore’s law enforcement agencies have recently confirmed the arrest of a 36-year-old man in response to an inquiry regarding the detention of Su Zhu. Zhu, also 36, co-founded the now-insolvent cryptocurrency hedge fund Three Arrows Capital (3AC).
The Singapore Police Force recently confirmed to Reuters that they had detained a certain individual on September 29 at Singapore Changi Airport. However, they did not disclose the identity of the person in question or provide any additional information. In response to inquiries, they simply stated that a 36-year-old man had been arrested.
Earlier, Teneo, 3AC’s liquidator, had publicized the apprehension of Zhu at Changi Airport, an event that was covered by prominent media platforms such as Bloomberg. Nonetheless, an official statement affirming Zhu’s arrest from the Singaporean authorities is yet to be received.
Zhu’s most recent activity on the X platform was on September 29, when he posted “Happy Mid-Autumn Festival” in Chinese. Before this, he was a regular and active participant on the platform.
Conversely, Kyle Davies, the second co-founder of 3AC, is currently unaccounted for, with his location reportedly undisclosed. Both Davies and Zhu are the focus of a judicial mandate, which sentences them to a four-month jail term for their non-compliance with a legal directive.
Three Arrows Capital was previously recognized as a top-tier fund in the cryptocurrency sector. However, it experienced substantial financial setbacks due to unsuccessful trades and investments in 2021 and 2022. These financial setbacks ultimately resulted in the fund’s dissolution, which had a consequential impact on the wider cryptocurrency market.
It is reported that the fund is in debt to creditors for a significant amount, roughly $2.8 billion. It appears that both Davies and Zhu have been avoiding law enforcement since the incidents that occurred the previous year.
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