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In a big growth for the cryptocurrency trade, Su Zhu, co-founder of the failed hedge fund Three Arrows Capital (3AC), was arrested at Changi Airport in Singapore whereas making an attempt to depart the nation.
Zhu’s arrest led to a subsequent court docket order sentencing him to 4 months in jail, as confirmed by 3AC’s joint liquidator, Teneo.
Three Arrows Capital Co-Founder Apprehended
Based on reviews, Whereas Zhu now serves his jail time period, the liquidators will actively have interaction with him to deal with issues regarding Three Arrows Capital.
Their major focus shall be on recovering belongings belonging to 3AC or acquired utilizing the fund’s assets. The liquidators search to maximise returns for the hedge fund’s collectors and can provoke additional court docket proceedings as obligatory.
The arrest and subsequent sentencing of Zhu comply with the sooner granting of a committal order on September 25. This order was obtained on account of Zhu’s intentional non-compliance with a court docket directive that required his cooperation with the liquidators’ investigations.
Particularly, Zhu was obligated to offer an in depth account of his actions as a co-founder of 3AC and its former funding supervisor.
The same committal order was additionally issued towards Kyle Davies, the opposite co-founder of Three Arrows Capital. Nonetheless, Davies’ present whereabouts stay unknown, in line with Teneo.
The liquidators have persistently prioritized the restoration of 3AC’s belongings and maximized returns for its collectors all through the method. Their efforts deal with retrieving 3AC’s property and belongings acquired utilizing the fund’s funds.
Lastly, Teneo emphasised that they may proceed to work diligently in the direction of these goals, probably in search of further court docket orders to facilitate the method.
Featured picture from Shutterstock, chart from TradingView.com
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