Approximately $1.4 billion worth of assets—digital and otherwise—have been frozen by Teneo, the firm handling the liquidation of crypto hedge fund Three Arrows Capital.

The freeze stops 3AC co-founders Su Zhu and Kyle Davies, along with Davies’ wife, Kelly Chen, from accessing the funds in question.

“The worldwide freezing order has been sought in connection with claims that are being pursued by the liquidators that allege, amongst 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,” Teneo told Decrypt in a statement.

Teneo is the firm that’s been overseeing the liquidation of 3AC’s assets in an effort to repay $3.5 billion to its creditors. Three Arrows Capital was ordered to liquidate in June 2022. It’s been a long, “intensive effort” trying to get Zhu and Davies to cooperate, said Teneo.

The law firm has asked a judge to order the co-founders to cooperate several times, claiming that they were “withholding information.” The co-founders have also been pursued by U.S.

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Author: Stacy Elliott

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