One of the co-founders of a multibillion-dollar cryptocurrency hedge fund that collapsed last year was arrested in Singapore on Friday.
According to sources, Su Zhu was stopped on Friday afternoon as he tried to leave the airport in the Southeast Asian country. He will be detained by police in the east of the country for up to four months, these sources said.
Zhu is the co-founder of Three Arrows Capital, a hedge fund whose collapse last year triggered a broad crisis in the cryptocurrency market. Before the fund collapsed last summer, they claimed to have about $3 billion under management. Three Arrows was forced into liquidation in June 2022, and the British Virgin Islands court appointed two employees of global consulting firm Teneo to oversee the company's liquidation process.
Zhu was arrested after a Singapore court issued an order required by the joint liquidators. The order allows Mr. Zhu to be detained for up to four months, the sources said.
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One of the co-founders of a multibillion-dollar cryptocurrency hedge fund that collapsed last year was arrested in Singapore on Friday.
According to sources, Su Zhu was stopped on Friday afternoon as he tried to leave the airport in the Southeast Asian country. He will be detained by police in the east of the country for up to four months, these sources said.
Zhu is the co-founder of Three Arrows Capital, a hedge fund whose collapse last year triggered a broad crisis in the cryptocurrency market. Before the fund collapsed last summer, they claimed to have about $3 billion under management. Three Arrows was forced into liquidation in June 2022, and the British Virgin Islands court appointed two employees of global consulting firm Teneo to oversee the company's liquidation process.
Zhu was arrested after a Singapore court issued an order required by the joint liquidators. The order allows Mr. Zhu to be detained for up to four months, the sources said.
Teneo has said Zhu and his co-founder, Kyle Davies, have been uncooperative in the liquidation proceedings. The court order "compiles Zhu to cooperate with the liquidator's investigation and account for his activities as one of the founders and former investment manager of Three Arrows Capital," according to a statement from Teneo.
A similar court order was issued against Davies, but his current whereabouts are unknown, the statement said.
Mr Zhu and Mr Davies did not respond to requests for comment.