Court Freezes $1 Billion of Assets of Three Arrows Capital Founders
Summary
A British Virgin Islands court has frozen over $1 billion in assets belonging to the founders of bankrupt crypto hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, as well as Davies' wife, Kelly Chen. The court order was issued in response to a request from the firm's liquidators, Teneo Restructuring, who are seeking $1.3 billion to repay creditors with claims totaling over $3 billion. Zhu, who was jailed in Singapore for four months for failing to assist in winding up 3AC, is expected to be released this month. The asset freeze is intended to prevent the disposal or dealing of assets that could hinder enforcement by the liquidators. A Singapore court has also applied a domestic freezing order for assets located in the country.
