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Su Zhu, the co-founder of collapsed crypto hedge fund Three Arrows Capital, has been arrested by Singapore police.
Zhu allegedly tried to flee Singapore
The news of Zhu’s arrest on Friday was shared by Teneo, the firm handling the liquidation of the bankrupt crypto company. Bloomberg also highlighted the arrest, with reports suggesting the 3AC co-founder was nabbed while trying to flee the country. Local news outlets say the former crypto hedge fund manager was apprehended at the Changi Airport.
Zhu’s detention sees him face a four-month prison sentence after he violated restrictions and Teneo received a committal order for this course of action.
3AC collapsed in June 2022 after the dramatic demise of the cryptocurrency Terra, the implosion coming as the stablecoin Terra USD (UST) depegged to zero. It soon emerged Zhu and co-founder Kylie Davies had over $550 million in the crypto project led by Do Kwon.
A cascade of liquidations heralded a brutal chain of events in crypto, with major cryptocurrency lenders and other platforms quickly revealing exposure to both Terra and 3AC.
Earlier this year, Zhu alleged that his company’s troubles were a result of the events around Digital Currency Group (DCG) and now bankrupt exchange FTX.
The post BREAKING: Three Arrows Capital co-founder Su Zhu arrested in Singapore appeared first on Invezz.
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