- Singapore police confirm arresting a 36-year-old man connected to 3AC’s downfall.
- Su Zhu likely is in custody, while co-founder Kyle Davies remains at large.
- Three Arrows Capital’s $2.8 billion debt remains unresolved as founders face legal consequences.
In a recent development, law enforcement agencies in Singapore have confirmed the apprehension of a 36-year-old man in response to a query about the arrest of Su Zhu, who is 36 years old and one of the founders of the now-bankrupt crypto hedge fund Three Arrows Capital (3AC).
Singapore police force made the confirmation in a recent communication with Reuters. It acknowledged apprehending the said individual on September 29 at Singapore Changi Airport. Meanwhile, the police refrained from disclosing the name of the arrested individual or providing further details. It merely mentioned arresting a 36-year-old man in response to the query.
Previously, Teneo, the liquidator for 3AC, had announced Zhu’s arrest at Changi Airport, with major media outlets like Bloomberg reporting the event. However, official confirmation of Zhu’s detention from Singaporean authorities is still pending.
Zhu’s last appearance on the X platform was September 29, when he wrote “Happy Mid-Autumn Festival” in Chinese. Before then, he actively engaged in the platform.
On the other hand, Kyle Davies, the other co-founder of 3AC, remains at large, and his whereabouts are reportedly unknown. Davies and Zhu are the subjects of a committal order, sentencing them to four months imprisonment due to their failure to comply with a court order.
Three Arrows Capital was once considered a leading fund in the crypto industry. It suffered significant losses from multiple unfortunate trades and investments throughout 2021 and 2022. These losses eventually led to the fund’s closure, causing a ripple effect throughout the broader crypto market.
At present, the fund reportedly owes creditors a substantial sum of approximately $2.8 billion, and both Davies and Zhu have seemingly been evading authorities since the events of last year.
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