3 Arrows Capital co-founder arrested in Singapore

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3 Arrows Capital co-founder arrested in Singapore

Su Zhu, the co-founder of collapsed Singapore-based crypto hedge fund Three Arrows Capital, was apprehended in Singapore today, its liquidator Teneo said.

Teneo reported that Singapore District Courts issued a committal order on September 25, directing police to arrest Zu on sight.

He was taken into custody at Changi Airport on Monday as he was trying to leave the country.

In June 2022, Three Arrows Capital filed for bankruptcy, shortly after the collapse of the Terra ecosystem. It was launched in 2012 and at one point held up as much as $10 billion - just months before it failed.

The Singapore Courts can issue commitment orders to punish non-compliance with court orders or judgements. Teneo sought to force the 3AC founders to cooperate in the liquidation procedure.

The court decided to sentence Zhu to four months in prison.

Teneo said in an interview that he had been working for Teneo for a period of time.

A committal order has also been issued against 3AC co-founder Kyle Davies, who has not been apprehended.

The Monetary Authority of Singapore has also barred Zhu and Davies from conducting regulated investment activities in the country for nine years.

The founders of OPNX, a new cryptocurrency trading platform, have recently launched a new cryptocurrency trading platform.

Coinflex, which Mark Lamb founded, was originally known as Coinflex. Davies and Zhu have relaunched it in April with the aim of letting users trade bankruptcy claims tied to failed exchanges, including FTX.

The exchange is led by Mark Lamb, the wife of coinflex founder Mark Lamb.

OPNX said it counted firms like Susquehanna, MIAX, and Nascent as investors. They later denied having influenced the exchange, denying all the money they had invested in the exchange.

DL News' markets correspondent, Tom Carreras, is known for his expertise in the markets. McCarthy, a London-based Markets Correspondent, is a regular contributor to DL News.