3AC Founder Su Zhu Receives 4 Month Sentence, Other Founder's Location Unknown

Zinger Key Points
  • The Singapore Courts sentenced Zhu to a four-month jail term, as reported by 3AC's joint liquidator, Teneo.
  • Kyle Davies, another 3AC founder, has a similar jail order, but his current location remains unknown.

Su Zhu, one of the founding members of the now-defunct crypto hedge fund, Three Arrows Capital (3AC), was detained at Changi Airport as he tried to depart from Singapore on Friday.

In an update, the joint liquidator for 3AC, Teneo, told The Business Times via email that the Singapore Courts have handed Zhu a four-month jail term under a specific committal order.

In a related development set to be discussed at the Benzinga Future of Digital Assets conference on Nov. 14, Kyle Davies, the other co-founder of 3AC, has also received a committal order resulting in a four-month incarceration.

Yet, Davies' current location is still a mystery, as per Teneo's statement.

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Furthermore, 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).

Zhu, who held the positions of CEO and director, and Davies, who was the chairman and director at Three Arrows Capital Pte Ltd (TACPL), are now both prohibited from engaging in any regulated operations.

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Photo: Unsplash

 

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Posted In: CryptocurrencyNewsMarketsChangi AirportCryptocurrency hedge fundDigital AssetsKyle DaviesSingapore CourtSu ZhuTeneoThree Arrows Capital
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