The co-founder of the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC), Su Zhu, was detained at Changi Airport in Singapore while trying to leave the country, reports RBC Crypto and local publication The Business Timesreferring to the statement of the liquidator of the fund.
Teneo, which is handling the liquidation of 3AC, said it received a preventive order against Zhu after he failed to comply with a court order obliging him to cooperate with the investigation as part of the liquidation of the fund. Under the criminal prosecution order, Zhu was sentenced to four months in prison, the report said.
Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) filed for bankruptcy in July 2022. Amid a massive market downturn, the fund was unable to meet the demands of its creditors. Back in 2021, he had $10 billion in assets under management, and by April 2022, this amount had dropped to $3 billion and continued to decline until he declared bankruptcy. Zhu’s partner in the fund was Kyle Davis, who is believed to be in Bali.
As part of the liquidation process, Teneo is selling the fund’s remaining assets, including a collection of NFTs, many of which were also acquired at peak prices in 2021 during the non-fungible token craze. In June, one of the NFTs from the 3AC collection was auctioned at Sotheby’s for $6.2 million.
Source: Cryptocurrency
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