Co-founder of collapsed hedge fund 3 Arrows arrested at Singapore airport

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Co-founder of collapsed hedge fund 3 Arrows arrested at Singapore airport

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

In 2022, the hedge fund collapsed, and interconnections in the industry meant the impact of its collapse quickly brought on a new crypto winter.

The court order sentenced Zhu to four months' imprisonment, along with his co-founder Kyle Davies, which was imposed on him due to his failure 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.

The pair were also criticized by Dubai's crypto regulator for operating their new venture, a bankruptcy exchange called 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 native token of the duo's new project fell 21% as its market cap fell to $40 million.

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