In a recent development, co-founder of Three Arrows Capital (3AC), Su Zhu, faced questioning in a Singapore court regarding the collapse of the crypto fund. This marks a crucial opportunity for liquidators to gather vital information as they strive to recover billions of dollars owed to creditors.
The two-day court hearing required Zhu to respond to lawyers representing the liquidator, Teneo, who sought details on the fund’s failure and the location of assets.
Three Arrows Capital Co-Founder’s Release Looms
According to a Bloomberg report, the court hearing was approved in the city-state after Zhu’s arrest at the Singapore airport on September 29, 2023. As reported by Bitcoinist, Su Zhu had been previously jailed for four months for non-cooperation in winding up Three Arrows Capital.
Zhu is expected to be released this month under standard good behavior provisions. However, according to the report, Zhu’s legal representative, the court, and the prison service declined to comment on the matter. Teneo, the liquidator, also declined to comment.
Per the report, the proceedings are considered a civil matter, and no criminal charges have been brought against Zhu or his co-founder, Kyle Davies, in Singapore. The information obtained from the court questioning will be shared with creditors to maximize potential recoveries.
The collapse of Three Arrows Capital in 2022 had far-reaching consequences, contributing to a $2 trillion crypto market downturn and triggering numerous other collapses within the sector.
As previously reported, the liquidators have accused Zhu and Davies of obstruction of their investigation and are seeking recovery of $1.3 billion from the two co-founders. In total, credi
Go to Source to See Full Article
Author: Ronaldo Marquez
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
