On September 29, Singapore Police disclosed that they arrested a 36-year-old man at Changi airport while responding to a query by Reuters that the arrested man was Su Zhu, the co-founder of Three Arrows Capital (3AC), a bankrupt cryptocurrency hedge fund.
The police have not disclosed the name of the arrested person. The liquidator from 3AC claimed that Zhu had been arrested last week, but city officials have not yet confirmed the news.
Kyle Davies, 3AC’s co-founder, remains at large, and his location is unknown. Both founders have received a committal order sentencing them to four months in jail for failing to comply with a court order.
In the years 2021 and 2022, 3AC made several poor trades and investments, resulting in significant losses amounting to billions of dollars. As a result, the fund had to close down, causing a ripple effect throughout the broader market. Currently, the fund owes its creditors $2.8 billion.