March 27, 2024
Su Zhu's Role in Three Arrows Capital's Liquidation
Latest Cryptocurrency News

Unveiling Three Arrows Capital: Su Zhu Faces Court Inquiry

Su Zhu, a co-founder of the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC), faced an inquiry in a Singaporean court regarding asset retrieval as part of the liquidation process, as per Bloomberg’s report on Wednesday. During the two-day court session, Zhu was required to provide insights into the fund’s failure and disclose the locations of the assets, as requested by Teneo, the liquidator’s legal representative, according to sources familiar with the matter cited by Bloomberg. These individuals preferred anonymity due to the private nature of the proceedings.

The inquiry was sanctioned after Zhu’s arrest in September, following his failure to assist in winding up 3AC. Zhu, who served a four-month sentence, is anticipated to be released this month owing to good behavior, as outlined in Bloomberg’s report.

Three Arrows Capital sought Chapter 15 bankruptcy protection in July of the prior year after experiencing losses following the collapse of stablecoin issuer Terra. Earlier reports in June indicated that liquidators were pursuing $1.3 billion from the bankrupt fund’s co-founders.

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