Co-founder of collapsed hedge fund 3 Arrows arrested

Co-founder of collapsed hedge fund 3 Arrows arrested

The co-founder of the hedge fund Three Arrows Capital, Su Zhu, was arrested on Friday at Changi airport in Singapore, according to the company's liquidator Teneo.

In 2022, the hedge fund collapsed, and interconnections within the industry led to the impact of its collapse quickly resulting in a new crypto winter.

Zhu, along with co-founder Kyle Davies, was sent to four months' prison terms, including a penalty for failing to comply with a court order.

Earlier this month, the Monetary Authority of Singapore banned Zhu and Davies from owning or running any registered capital markets firm for nine years.

In May, Dubai's crypto regulator also reprimanded the pair for operating their new venture, OPNX, as an unregulated exchange. Davies has also declined to respond to subpoenas relating to 3AC's collapse issued by a New York court.

The capital of the duo's new project fell 21% as its market cap fell to $40 million.

UPDATE : update to add more context and price action of OX token.