The British Virgin Islands court recently issued an order to freeze the global assets worth $1.14 billion of Zhu Su, Kyle Davies, and Kelly Chen, co-founders of bankrupt cryptocurrency hedge fund Three Arrows Capital. This action aims to prevent any obstruction to the efforts of Three Arrows Capital’s liquidators in compensating the creditors.
Background:
Zhu Su, the founder of Three Arrows Capital, was arrested, and his luxurious mansion was transformed into a farm by his wife.
Briefing:
Once a prominent cryptocurrency hedge fund in Singapore, Three Arrows Capital faced a debt crisis due to a series of errors during the cryptocurrency market downturn last year. In July of last year, it applied for bankruptcy protection and the British Virgin Islands court appointed financial consulting firm Teneo as the liquidator.
According to Bloomberg’s report, Teneo, the liquidator of Three Arrows Capital, announced today that the British Virgin Islands court has issued an order prohibiting Zhu Su, Kyle Davies, and Kyle Davies’ wife Kelly Chen from transferring or selling assets worth $1.14 billion. The court estimates that the creditors of Three Arrows Capital owe a debt of $3.3 billion.
Teneo pointed out that the Singapore Business Times reported that the Singapore court also approved a domestic freezing order on Wednesday, believing that the assets of the three individuals in Singapore should also be subject to the same restrictions. Teneo stated that the freezing order aims to prevent these three individuals from disposing of assets in any way that may “impede the ultimate execution of the liquidators” and achieve the goal of maximizing compensation for the creditors.
Zhu Su Released this Month:
In September of this year, Zhu Su was arrested at Changi Airport in Singapore when he attempted to leave the country. Due to Zhu Su’s failure to comply with the court’s order to cooperate with the liquidation investigation, he was sentenced to four months in prison. Kyle Davies was also sentenced to four months in prison for failing to comply with the court’s order, but his whereabouts are currently unknown.
According to previous reports by Bloomberg, Su Zhu appeared in court for the first time last week in Singapore, where he was questioned about the bankruptcy of Three Arrows Capital. The liquidator’s lawyer asked him to answer details such as the reasons for bankruptcy and the whereabouts of the assets. Insiders revealed that Zhu Su was released this month based on his good behavior.
After his release, Zhu Su has been quite active on the X platform. On the 18th, he tweeted, hinting at a “comeback.” He also commented on the current situation of the cryptocurrency market, praising Mnemonic as a highly disruptive new thing in the cryptocurrency field. He also asked the community for recommendations on the best cryptocurrency podcasts.
Related Reports:
Singapore issues a 9-year ban on Zhu Su and Kyle Davies of Three Arrows Capital, prohibiting them from participating in the capital market.
What would you do with $10 billion? Kyle Davies of Three Arrows Capital: Immediately buy FTX and definitely make a profit.
Meme coin $BITCOIN’s market value surpasses 100 million! Founder of Three Arrows Capital claims it has risen by 200% after market hours.
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Kelly Chen
Kyle Davies
Zhu Su
Three Arrows Capital
Freeze