Su Zhu, the co-founder of Three Arrows Capital (3AC), is expected to be released in Singapore after undergoing a two-day interrogation by Tene, the liquidator of the bankrupt fund. Arrested at Changi Airport in September, Su Zhu reportedly cooperated and answered questions about 3AC’s bankruptcy, although the fund still owes its various creditors $3.5 billion.
Su Zhu, the co-founder of 3AC, will be released soon
Su Zhu, one of the founders of the bankrupt fund Three Arrows Capital (3AC), he is expected to be released by the end of the month after undergoing an extensive two-day interrogation in Singaporeaccording to exclusive information from Bloomberg.
Last September, Su Zhu was arrested at Singapore’s Changi Airport while trying to flee the country after refusing to cooperate with Teneo, the firm responsible for liquidating 3AC. Arrest warrants were issued for him and Kyle Davies., another co-founder of Three Arrows Capital, but still on the run at the time of writing. 4 months of imprisonment was decided against these 2 persons.
👉 Discover our selection of the best wallets to secure your cryptocurrencies
During the two days of questioning Su Zhu had to answer numerous questions from Liquidator Tene, with whom he also pledged to cooperate before his arrest. Teneo’s lawyers questioned the 3AC co-founder about how the fund ended up in bankruptcy and the location of the assets, according to people on the ground.
The same individuals indicated it Su Zhu is expected to be released soon for “good behavior”.
Alyra, training to integrate the blockchain ecosystem
A multi-billion dollar business
According to Tene, Su Zhu and his sidekick Kyle Davies are in debt approximately $3.5 billion through Three Arrows Capital to their various lenders. The fund took a critical hit when the Terra ecosystem (LUNA), in which it was heavily invested, collapsed within days, wiping out $40 billion.
Notably, Three Arrows Capital did not respond to a call for additional payment regarding a bitcoin loan from BlockFi, which recently emerged from a lengthy bankruptcy chapter and is still trying to get its money back from the crypto fund.
👉 In related news – Do Kwon is extending his prison stay at the request of the United States and South Korea
Note that the proceedings between Su Zhu and the Teneo representatives are civil to the extent that he and Kyle Davies are not charged with a crime in Singapore. However, at the beginning of the month the Monetary Authority of Singapore bans both accomplices from engaging in lucrative activities in the country for 9 years.
While 3AC owes its creditors $3.5 billion, Kyle Davies and Su Zhu may have to personally pay $1.3 billion to Teneo, the liquidator accuses them of carrying out leveraged transactions, even though the crypto fund was already on the verge of bankruptcy.
Cryptoast Research: Stay one step ahead of the crypto market
Source: Bloomberg
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This site may contain investment-related assets, products or services. Some links in this article may be affiliate. This means that if you purchase a product or register on a site from this article, our partner will pay us a commission. This allows us to continue to offer you original and useful content. Nothing will happen to you and you can even get a bonus using our links.
Investing in cryptocurrencies is risky. Cryptoast is not responsible for the quality of the products or services presented on this site and cannot be held responsible, directly or indirectly, for any damages or losses incurred after using the goods or services highlighted in this article. Investments related to cryptoassets are inherently risky, readers should do their own research before taking any action and invest only within their financial means. This article does not constitute investment advice.
recommendations of the AMF. There is no guaranteed high return, a product with high return potential involves high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose some of these savings. Do not invest unless you are prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notice pages.