Zhu Su, the founder of cryptocurrency hedge fund Three Arrows Capital (3AC), has been arrested at Singapore’s Changi Airport. According to sources, the arrest came following a report made to the police by the liquidator Teneo, who has been closely monitoring Zhu Su’s activities. The liquidator is now taking measures to visit Zhu Su in prison to obtain crucial information about 3AC, while also coordinating with law enforcement agencies worldwide to locate the other co-founder, Kyle Davies.
Teneo, the consulting firm overseeing the winding down of Three Arrows Capital, has been closely monitoring Zhu Su’s movements in Singapore, including an event he hosted at a prestigious residence on Yarwood Avenue, where he invited high-ranking figures from the cryptocurrency industry. On September 29th, Teneo reported to local authorities that a vehicle had departed from the residence towards Changi Airport, suspecting that Zhu Su might have been in the car.
It is understood that Zhu Su was placed on a no-fly list, which likely led to his detention by immigration authorities as he attempted to leave the country.
Sources close to the situation have also revealed that the liquidator is actively seeking permission to visit Zhu Su in Changi Prison to extract valuable information concerning the assets of Three Arrows Capital. If Zhu Su refuses to cooperate, Teneo is prepared to take further measures to compel his compliance.
As reported in the extended story, rumors suggest that Zhu Su is urgently seeking to sell the Yarwood Avenue residence. The Housing and Development Board (HDB) has confirmed that they are in contact with the property’s residents.
When questioned about the arrest of Zhu Su, Singaporean authorities confirmed that a 36-year-old man was detained at Changi Airport on September 29th at 2:50 PM but did not disclose the individual’s identity.
Earlier, Teneo had stated that due to Zhu Su’s failure to comply with a court order to cooperate with the liquidation investigation in Singapore, the court issued an arrest warrant, sentencing Zhu Su to four months in prison. A similar warrant was issued for Kyle Davies.
Zhu Su and his legal representatives have not responded to these developments, and Teneo has declined to comment on the matter.
Sources have revealed that the liquidator is in contact with law enforcement agencies worldwide, in pursuit of locating Kyle Davies. Teneo has reassured the cryptocurrency industry that they are committed to finding him.
Zhu Su served as the CEO and Director of Three Arrows Capital, with Kyle Davies as Chairman and Director. Both received a nine-year prohibition order from the Monetary Authority of Singapore, restricting them from engaging in activities regulated by the Securities and Futures Act and from holding directorship or major shareholding positions in any capital market services company.
Three Arrows Capital was founded by Zhu Su and Kyle Davies in 2012, with its headquarters based in Singapore. The fund faced significant challenges last May, following the collapse of the TerraUSD stablecoin and the related token, Luna. The Singapore High Court subsequently ordered Three Arrows Capital to undergo bankruptcy proceedings.
The arrest of Zhu Su and the ongoing investigation into the affairs of Three Arrows Capital have sent shockwaves through the cryptocurrency industry, raising questions about the fund’s future and the implications of this high-profile case.
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