Three Arrows Capital founders' $1.14 billion assets frozen by court

National Business Wire (Dec 21) -- A court has frozen $1.14 billion in assets of the founders of Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC), according to the latest market news.

Not long ago, an account with nearly 84,000 followers posted on X, the social media platform formerly known as Twitter, that a British Virgin Islands court had frozen the global assets of 3AC co-founders Su Zhu and Kyle Davies worth up to $1.144 billion.

Separately, some Chinese media reports, citing a release from Teneo, a consulting firm that is handling 3AC's liquidation, also said on Thursday morning that the court had frozen the global assets of the two co-founders.

The court order prohibits the 3AC co-founders, as well as Davies' wife Chen Kaili Kelly, from dealing with their assets, including transferring or selling them, Chinese reports added.

Last week, Zhu faced questioning for the first time in a Singapore court regarding the collapse of 3AC, and is set to be released from custody this month.

Founded in 2012, 3AC was once one of the largest hedge funds in the cryptocurrency market. And as of March 2022, it also managed about $10 billion in assets.

But the crypto hedge fund, which was hit last year by the collapse of stablecoins TerraUSD and Luna, commenced liquidation proceedings in the British Virgin Islands, and filed with the U.S. Bankruptcy Court Southern District of New York.

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