By: Isha Das
Assets worth $1.14 billion of the founders at Three Arrows Capital (3AC), Su Zhu, Kyle Davies, and Davies' wife, Kelly Chen, have been frozen by a British Virgin Islands court. The reasons reportedly include a lack of cooperation on the founders' part in the asset recovery process of the bankrupt hedge fund.
This global freezing order affects the founders' assets worldwide, contributing to the financial struggles of 3AC, which famously filed for bankruptcy in the British Virgin Islands amidst a record market downturn last year, affecting several crypto companies including Celsius. During its zenith, the hedge fund had substantial stakes in crypto projects including LUNA and Solana, managing about $18 billion of digital assets.
The founders are no strangers to controversy, with both Zhu and Davies barred from regulated investment activities for nine years by the Monetary Authority of Singapore (MAS). Zhu recently served a four-month sentence for contempt of court, and despite the current circumstances, both continue to actively participate in crypto ventures.
Despite ongoing legal issues, the founders joined forces with CoinFLEX CEO Mark Lamb in 2023 to launch OPNX, a trading exchange focused on crypto bankruptcy claims.
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