LianGuai reported on September 29th that Su Zhu, co-founder of Three Arrows Capital, was arrested at Changi Airport in Singapore.
On October 6, 2023, The Block released a photo of Zhu Su being arrested. The following text is from The Block, translated by LianGuai.
Zhu Su, co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital, was arrested last week at Changi Airport in Singapore while attempting to leave the country.
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In a statement on September 29th, the fund’s liquidator Teneo stated that due to Zhu’s failure to cooperate with the company’s liquidation investigation, the fund has received a detention order against Zhu, despite a previous court order in Singapore requiring him to cooperate. The order sentences Zhu to four months’ imprisonment. Singapore police confirmed yesterday that a “36-year-old man” was arrested on September 29th, but did not disclose his identity.
The photo obtained by The Block shows the moment Zhu was arrested.
Zhu Su was arrested last week at Changi Airport. Photo: Block Pro
These photos appear to show Zhu being stopped by two police officers before going through the airport.
The moment Zhu Su was arrested. Photo: Block Pro.
Zhu’s lawyer did not immediately respond to requests for comment. A Singapore police spokesperson declined to comment further on the arrest, while a spokesperson for Teneo mentioned the company’s preliminary statement on the matter.
Zhu Su escorted by the police through the airport. Photo: Block Pro.
Davies’s Whereabouts Unknown
At its peak, Three Arrows Capital was one of the largest cryptocurrency hedge funds, reportedly managing around $10 billion in assets and investing in various areas, from liquid tokens to startup equity and NFTs. The company filed for bankruptcy in July 2022, months after the collapse of the Terra ecosystem caused chaos in the cryptocurrency market. According to documents filed at the time, the fund owed creditors at least $3.5 billion.
Since then, Teneo, the liquidator of Three Arrows Capital, has repeatedly complained about Zhu and his co-founder Kyle Davies’s lack of cooperation. In January, Teneo attempted to summon the two through posts on X (formerly known as Twitter). In June, it was reported that Teneo plans to recover $1.3 billion from Davies and Zhu, claiming that they caused losses equivalent to this amount due to accumulated debt in the months leading up to the collapse of Three Arrows Capital.
In a statement regarding Zhu’s arrest, Teneo stated that Davies has also been sentenced to four months’ imprisonment but added that he is currently “whereabouts unknown”.
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