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Bankrupt Crypto Hedge Fund 3AC's Su Zhu Apprehended in Singapore, Liquidator Says
Co-founder of the Three Arrows Capital hedge fund was seized at Changi airport, Teneo said
Su Zhu, co-founder of hedge fund Three Arrows Capital, was apprehended at Changi airport in Singapore on Friday, according to the company's liquidator Teneo.
The hedge fund collapsed in 2022, and interconnections within the industry meant the impact of its collapse quickly brought on a new crypto winter.
STORY CONTINUES BELOW
Zhu, alongside co-founder Kyle Davies, was the subject of a committal order sentencing him to four months' imprisonment due to failure to comply with a court order.
Davies' whereabouts remain unknown, the statement added.
Earlier in September, the Monetary Authority of Singapore banned Zhu and Davies from owning or running any registered capital markets firm for nine years.
In May, the pair were also reprimanded 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 by 21% as its market cap shrank to $40 million.
Oliver Knight contributed to the reporting of the story
UPDATE (Sept. 29, 14:40 UTC): Updates to add more context and price action of OX token.
Jack Schickler
Jack Schickler was a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He previously wrote about financial regulation for news site MLex, before which he was a speechwriter and policy analyst at the European Commission and the U.K. Treasury. He doesn’t own any crypto.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
