Terra

Teneo

<a href="https://bitcoinworld.co.in/su-zhu-3ac-sg/" rel="noopener noreferrer nofollow"></a>In a startling turn of events, Su Zhu, the co-founder of Three Arrows Capital (3AC), found himself in custody at Singapore Changi Airport as he attempted to leave the country, following a committal order issued by the Singaporean courts. This unfolding drama has been brought to light by Cointelegraph, with insights provided by Teneo, the joint liquidator tasked with managing the affairs of the defunct hedge fund.Teneo, in an official statement, disclosed that Su Zhu was apprehended at Changi Airport while trying to exit Singapore, precisely after the courts had granted a committal order against him. This type of order, for the uninitiated, is employed to incarcerate individuals for contempt of court. Notably, on September 25th, Teneo successfully obtained this committal request, citing Zhu’s alleged failure to comply with a court directive.The investigation revolves around the arduous quest to recover assets on behalf of 3AC’s creditors. This $10 billion hedge fund met its untimely demise in 2022 due to the catastrophic implosion of the Terra ecosystem. It has come to light that 3AC had leveraged itself heavily in long positions across various cryptocurrencies, and it had borrowed hundreds of millions of dollars from a crypto lending protocol.Since the fund’s collapse, Su Zhu and his co-founder, Kyle Davies, have been evading liquidators, despite their conspicuous presence on social media platforms. The committal order issued by the Singaporean courts has sentenced Zhu to a four-month prison term. Teneo has also indicated that a similar committal order has been granted against Davies.In light of this development, Mr. Zhu will remain incarcerated for the duration of his four-month sentence, during which time liquidators will attempt to engage with him regarding matters pertaining to 3AC. Their primary focus will be on recovering assets that either belong to 3AC or were acquired using the fund’s assets. The liquidators are committed to exploring every avenue to ensure Zhu’s full compliance with the court’s directives, particularly regarding the provision of information and documents related to 3AC and its former investment manager. They may seek further court orders if necessary.As for Kyle Davies, his current whereabouts remain a mystery. Notably, the Monetary Authority of Singapore has imposed a nine-year prohibition on Su Zhu and Kyle Davies, preventing them from engaging in regulated investment activities.The post <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in/su-zhu-3ac-sg/">Su Zhu of 3AC is detained in Singapore</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

Su Zhu of 3AC is detained in Singapore

ItsBitcoinWorld

Other articles published on Sep 30, 2023

Paradigm accuses SEC of bypassing rules in Binance lawsuit

Bitcoin Price Prediction as BTC Holds At $26,800 Level – Best Time to Buy?

LINK, MATIC, ETH Rise as Altcoin Market Gets Capital Injection

Ripple Proper Party: Here’s What Happened At The Victory Party

Harga LINK Diprediksi Meroket Lebih dari 100 Persen, Bull Belum Lesu?

Pond0X DEX surpasses $100M trading volume amid controversy

Join our free newsletter for daily crypto updates!