Around $1 billion in assets at fallen crypto hedge fund Three Arrows Capital have been frozen by a court in the British Virgin Islands.
A court order in the British Virgin Islands has been issued preventing Three Arrows Capital (3AC) co-founders Su Zhu and Kyle Davies, as well as Davies’ wife Kelly Chen from transferring or selling assets valued at $1.14 billion, according to a «Bloomberg» report citing a statement from liquidator Teneo.
The court order was issued one day after a Singapore court issued a domestic freezing order. Overall, 3AC owes creditors around $3.3 billion.
«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 said.
Singapore Arrest
In late September, Zhu was arrested at Singapore’s airport as he attempted to exit the city-state. He is reportedly set to be released this month based on standard provisions for good behavior.
Following its collapse in 2022, Singapore-based 3AC filed for bankruptcy in the British Virgin Islands with local courts appointing Teneo as its liquidator. Teneo previously accused Zhu and Davies of failing to cooperate meaningfully.
