Terra

Davies

Teneo

<div class="coinjournal">
 <ul class="decimal_type">
  <li>British Virgin Islands court orders freeze, alleging founders’ role in $3.3B 3AC debt.</li>
  <li>Once celebrated, 3AC founders face prison, regulatory bans, and damaged reputations.</li>
  <li>Singapore had also issued a domestic freeze order on the founders in September.</li>
 </ul>
 <p>The co-founders of Three Arrows Capital (3AC), once a crypto hedge fund giant, find themselves entangled in a legal web after a British Virgin Islands court issued a sweeping order, freezing over $1.14 billion in assets belonging to Su Zhu, Kyle Davies, and Davies’ wife, Kelly Chen.</p>
 <p>The freezing of assets is a stark consequence of 3AC’s 2022 collapse and ensuing $3.3 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> debt, coupled with allegations of <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a> exacerbating the fund’s financial downfall.</p>
 <h2 id="teneo-s-claims-against-3ac-founders">Teneo’s claims against 3AC founders</h2>
 <p>Following the ruling in British Virgin Islands Su Zhu, Kyle Davies, and Kelly Chen are now prohibited from transferring or selling the assets totalling a staggering $1.14 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>. This move comes as a response to claims by liquidator Teneo that the <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a> played a role in 3AC’s financial deterioration, justifying the freezing order.</p>
 <p>Three Arrows Capital, once a leading force in the crypto hedge fund landscape, met its downfall in 2022. The fund, headquartered in Singapore, succumbed to a combination of ill-fated investments and the broader market crash triggered by the collapse of Terra LUNA. Failing to meet margin calls from lenders, 3AC filed for bankruptcy in the British Virgin Islands.</p>
 <p>Teneo, overseeing the closure process, accuses <a rel="noopener noreferrer nofollow" title="founders" href="https://thebittimes.com/tag/founders.html">founders</a> Zhu and Davies of non-cooperation, complicating the liquidation. It estimates the debt owed to creditors at approximately $3.3 <a rel="noopener noreferrer nofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a>.</p>
 <p>Notably, this freezing order is not an isolated incident, as Singaporean authorities had previously imposed a domestic freezing order, leading to Su Zhu’s arrest in September. The Singapore Court’s involvement, with a domestic freezing order and subsequent legal actions, further underscores the severity of the situation.</p>
 <p>Zhu and Davies now grapple with tarnished reputations and regulatory bans in Singapore and the British Virgin Islands.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/3ac-founders-face-1-14-billion-asset-freeze-amid-ongoing-bankruptcy-saga-tbt74380.html">https://thebittimes.com/3ac-founders-face-1-14-billion-asset-freeze-amid-ongoing-bankruptcy-saga-tbt74380.html</a></p>

3AC founders face $1.14 billion asset freeze amid ongoing bankruptcy saga

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TheBitTimes

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