Zhu Su, the infamous co-founder of the now-defunct crypto hedge fund Three Arrows Capital, has been reportedly apprehended in Singapore.
This comes amid the amassing issues against his former hedge fund and his newly launched crypto exchange – OPNX.
- Citing an email update seen by The Business Times (Singapore), the report indicated that Su was apprehended at Changi Airport when trying to leave the city-state.
- Additional reports shed some more light on the matter, claiming that there was a committal order against Su granted by the Singapore Courts. Teneo – the joint liquidators of 3AC – applied for that order on September 25 this year.
- This comes as Su continuously declined to cooperate with the liquidators and the ongoing investigations.
- According to this report, Su will be sentenced to four months in prison. Kyle Davies, the other co-founder of 3AC, faces a similar order. However, his whereabouts remain unknown to the police.
- The order further states that the liquidators plan to engage with Su during his imprisonment to focus on the “recovery of assets that are either the property of 3AC or that have been acquired using 3AC’s funds.”
- Recall that Three Arrows Capital was among the first crypto-focused companies to file for bankruptcy after last year’s TerraUSD fiasco. Despite causing a ripple effect across the entire market and multi-billion dollar losses, 3AC’s management has yet to face any real legal consequences.
- Just the opposite, they decided to launch a crypto exchange that aims to donate some of its earnings to 3AC victims who “stuck around.” However, that company has faced enhanced scrutiny from numerous regulators.