Teneo

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<p>Su Zhu, cofounder of the now-defunct crypto hedge fund Three Arrows Capital (3AC), has been <a href="https://pbs.twimg.com/media/F7Mt1-gXkAAD0UO?format=png&amp;name=medium">sentenced</a> to four months in prison by a Singapore court, according to updates from Teneo, the firm's joint liquidators. Earlier today, Zhu was <a href="https://www.businesstimes.com.sg/startups-tech/three-arrows-co-founder-zhu-su-apprehended-changi-airport">arrested</a> at Changi Airport while he was attempting to depart from Singapore.&nbsp;</p>
<p>This comes after significant sanctions and <a href="https://u.today/three-arrows-capital-founders-hit-with-nine-year-ban-by-singapores-mas">a nine-year trading ban</a> had been levied against him and his cofounder Kyle Davies by the Monetary Authority of Singapore (MAS) in September. &nbsp;</p>
<h2 id="committal-order">Committal order&nbsp;</h2>
<p>Zhu was arrested after a committal order was granted by Singapore Courts, according to the Teneo statement. The order, which was obtained on Sept. 25, was a response to the cofounder's intentional noncompliance with a previous court order compelling him to cooperate with ongoing liquidation investigations and account for his activities related to 3AC.&nbsp;</p>
<p>Now that Zhu is commencing his four-month sentence, the liquidators aim to focus on asset recovery and ensuring complete compliance from Zhu in providing information and documents pertinent to <a href="https://u.today/3ac-founder-could-face-imprisonment">3AC</a> and its former investment manager.</p>
<h2 id="ox-tumbles">OX tumbles&nbsp;</h2>
<p>The hedge fund fell from grace last year due to a glaring lack of a proper risk management framework. Significant holdings in Terra's LUNA, which were worth around $560 million at their peak, crumbled, leading to substantial losses. Post-collapse, the founders defaulted on loans and went missing, triggering legal pursuit.</p>
<p>Zhu's arrest made the <a href="https://u.today/open-exchange-ox-up-24-here-are-growth-triggers">Open Exchange token (OX)</a>, which is issued by bankruptcy claims exchange OPNX, experience a precipitous 50% price plummet. The exchange was cofounded by Zhu and Davis after the collapse of their hedge fund.</p>

Breaking: 3AC Cofounder Arrested and Sentenced to Prison

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