The British Virgin Islands court recently issued an order to freeze the global assets of Zhu Su, Kyle Davies, and Kyle Davies’ wife Kelly Chen, co-founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital, totaling $1.14 billion. This measure is aimed at preventing any hindrance to the efforts of Three Arrows Capital’s liquidators to compensate creditors.
Previously, Zhu Su, founder of Three Arrows Capital, was arrested, and his luxury mansion was transformed into a farm by his wife.
In the past, the Singapore-based cryptocurrency hedge fund Three Arrows Capital faced a debt crisis due to a series of erroneous operations during the cryptocurrency market downturn last year. It filed for bankruptcy protection in July last year and the British Virgin Islands court appointed the financial consulting firm Teneo as the liquidator.
According to Bloomberg, Teneo, the liquidator of Three Arrows Capital, announced today that the British Virgin Islands court has issued an order prohibiting Zhu Su, Kyle Davies, and Kyle Davies’ wife Kelly Chen from transferring or selling assets worth $1.14 billion. The court estimates that the creditors of Three Arrows Capital are owed $3.3 billion.
Teneo pointed out that the Singapore Commercial Times reported that the Singapore court also approved a domestic freezing order on Wednesday, believing that the assets of the three individuals in Singapore should also be subject to the same restrictions. Teneo stated that the freezing order aims to prevent these three individuals from disposing of assets in any way that could “hinder the ultimate execution of the liquidators” and achieve the goal of maximizing compensation for creditors.
Zhu Su was released this month. In September of this year, Zhu Su was arrested at Changi Airport in Singapore when he attempted to leave Singapore. Due to his failure to comply with the court’s order to cooperate with the liquidation investigation, he was sentenced to four months’ imprisonment. Kyle Davies also received a four-month prison sentence for failing to comply with the court’s order, but his whereabouts are currently unknown.
According to previous reports from Bloomberg, Su Zhu appeared in court in Singapore for the first time last week and was questioned regarding the bankruptcy of Three Arrows Capital. The liquidator’s lawyers asked him to answer details such as the reasons for bankruptcy and the whereabouts of the assets. Sources revealed that based on his good behavior, Zhu Su was released this month.
After being released, Zhu Su has been quite active on the X platform. On the 18th, he tweeted hinting at a “comeback” and made comments on the current state of the cryptocurrency market, praising the concept of “Mingwen” as a disruptive new thing in the cryptocurrency field. He also asked the community for recommendations on the best cryptocurrency podcasts.
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