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Assets worth about $1 billion belonging to the cryptocurrency hedge fund Three Arrows Capital (3AC) founders were frozen by a British Virgin Islands court. 
As <a href="https://www.bloomberg.com/news/articles/2023-12-21/three-arrows-co-founders-1-billion-in-assets-frozen-by-court" data-type="link" data-id="https://www.bloomberg.com/news/articles/2023-12-21/three-arrows-co-founders-1-billion-in-assets-frozen-by-court" target="_blank" rel="noopener">stated </a>by the firm’s liquidator, a British Virgin Islands court has frozen about $1 billion in assets owned by 3AC. 
The court’s order restricts co-founders Su Zhu and Kyle Davies and Davies’ wife, Kelly Chen, from moving or selling assets valued up to $1.14 billion, with creditors estimated to be owed around $3.3 billion. 3AC, previously one of the biggest crypto-native hedge funds, <a href="https://crypto.news/tag/three-arrows-capital/">collapsed</a> in 2022 following a series of unsuccessful investments. 
<blockquote class="wp-block-quote"> 
 “The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, among other things, that the founders should be held responsible for causing 3AC’s position to deteriorate by an amount that is equivalent to the value of the freezing orders sought.” <cite>Teneo representatives</cite>
</blockquote> 
Zhu and Davis are accused of forcing 3AC to take on significant leverage between May and June 2022 after the hedge fund suffered heavy losses on <a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/">ill-fated Luna tokens</a> and other investments. 
The firm was already insolvent, the liquidators <a href="https://crypto.news/liquidators-demand-1-3m-from-three-arrows-capital-founders/">say</a>, and they are now suing Zhu and Davis in a British Virgin Islands court to recover those losses from the firm’s creditors. 
Previously, Teneo, designated as the liquidator by a British Virgin Islands court, has charged the founders with a lack of meaningful cooperation. 
In early 2023, the 3AC founders <a href="https://crypto.news/new-3ac-exchange-launch-comes-under-fire/">announced</a> plans to raise $25 million to launch a new cryptocurrency exchange. 
In September, Zhu <a href="https://crypto.news/breaking-3acs-su-zhu-reportedly-arrested-in-singapore/">was arrested</a> while trying to leave Singapore and sentenced to four months in jail. In December, he <a href="https://crypto.news/3ac-co-founder-su-zhu-probed-in-singapore-court-over-funds-collapse/">faced</a> his first court questioning in Singapore regarding the firm’s collapse. 
 Read more: <a href="https://crypto.news/3ac-co-founder-su-zhu-probed-in-singapore-court-over-funds-collapse/"> 3AC co-founder Su Zhu probed in Singapore court over fund’s collapse </a>

British Virgin Islands court freezes over $1b in 3AC assets

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