Su Zhu, co-founder of collapsed crypto hedge fund Three Arrows Capital (3AC), was arrested in Singapore on Friday. Zhu was detained while trying to leave the country from Singapore’s Changi Airport. As previously reported by Bloomberg.
Teneo, the liquidator in charge of liquidating 3AC’s assets, he says he received an indictment order against Zhu after he failed to comply with a court order requiring him to cooperate with the liquidation process. That remand order directs Singapore police to arrest Zhu and hold him in prison for four months. Teneo says he obtained a “similar” prosecution order for 3AC’s other co-founder, Kyle Davies.
During his stay in prison, Teneo says the liquidators will engage with Zhu on “matters related to 3AC, focusing on the recovery of assets that are owned by 3AC or that have been acquired using 3AC funds.” The firm adds that the liquidators “will take every opportunity to ensure that Mr. Zhu fully complies with the court order.”