JUST IN: Three Arrows Capital Founder Su Zhu ARRESTED
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September 29, 2023 2:59 pm
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Three Arrows Capital (3AC) co-founder Su Zhu was reportedly arrested by authorities on Friday.
Sources claim that Zhu was apprehended at Changi Airport in Singapore after allegedly attempting to leave the country following an arrest order for contempt of court.
The former crypto hedge fund manager and CEO will now spend a total of 4 months behind bars.ย Crypto town hall provided a summary analysis of the situation:
๐ง๐ต๐ฟ๐ฒ๐ฒ ๐๐ฟ๐ฟ๐ผ๐๐ ๐๐ฎ๐ฝ๐ถ๐๐ฎ๐น ๐๐ผ-๐๐ผ๐๐ป๐ฑ๐ฒ๐ฟ ๐ฆ๐ ๐ญ๐ต๐ ๐๐ฟ๐ฟ๐ฒ๐๐๐ฒ๐ฑ ๐ถ๐ป ๐ฆ๐ถ๐ป๐ด๐ฎ๐ฝ๐ผ๐ฟ๐ฒ
Su Zhu, co-founder of Three Arrows Capital Ltd (3AC), has been detained at Singapore's Changi Airport due to a committal order stemming from his refusal to cooperateโฆ pic.twitter.com/AOzySHEurU
— Crypto Town Hall (@Crypto_TownHall) September 29, 2023
Coinage added this detail: “Zhu has been sentenced to prison for four months, along with his co-founder Kyle Davies.”
๐จ BREAKING: Su Zhu, the co-founder of bankrupt crypto hedge fund Three Arrows Capital, was arrested Friday afternoon at Changi Airport in Singapore.
Zhu has been sentenced to prison for four months, along with his co-founder Kyle Davies. pic.twitter.com/OAgrDyp6Kg
— Coinage (@coinage_media) September 29, 2023
According to Benzinga:
The Monetary Authority of Singapore (MAS) has enforced a rigorous nine-year ban on both Zhu and Davies, the brains behind Three Arrows Capital.
This action was taken after the pair was identified as breaching the Securities and Futures Act 2001 (SFA) and the associated Securities and Futures (Licensing and Conduct of Business) Regulations (SFR).
Many in the crypto community lauded the arrest of the Three Arrows Capital founder and saw it as a positive development.
lmfao yโall retards must have forgotten su Zhu was the one pumping your shitcoins all summer
— dirtydegen420.eth (@dirtydegen420) September 29, 2023
Su Zhu & Bit Boy being arrested in the same week can only mean one thing.
Uptober โฌ๏ธ
— 9999999333 (@phunk2243) September 29, 2023
Coin Telegraph provided background information on the collapse of Three Arrows Capital:
The investigation is related to efforts to recover funds for creditors of 3AC. The $10 billion hedge fund collapsed in 2022 following the implosion of the Terra ecosystem.
3AC had excessive leverage on long positions across some cryptocurrencies and borrowed hundreds of millions of dollars from crypto lending protocol.
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