Three Arrows co-founder Su Zhu arrested in Singapore, says liquidator firm

Liquidator Teneo in a statement said that Zhu had been arrested and charged

article-image

Gorodenkoff/Shutterstock modified by Blockworks

share

Teneo, the liquidator of Three Arrows Capital (3AC), said Friday that Su Zhu, the failed crypto hedge fund’s co-founder, has been apprehended by authorities in Singapore.

Teneo, in a statement shared with Blockworks, announced Zhu’s apprehension and stated that the former hedge fund founder faces four months in prison under a committal order.

The arrest is said to have occurred as Zhu sought to leave Singapore by airplane. News of the arrest has yet to be independently corroborated by Singapore authorities.

The order was applied for and obtained by Teneo on Sept. 25 after Zhu refused to comply with a court order requiring him to cooperate with the liquidators. Teneo added that “a similar committal order was granted against the other co-founder of 3AC, Mr. Kyle Livingston Davies.”

Singapore recently issued a multi-year market activity ban against both Zhu and Davies, which went into effect on Sept. 13. 

The Monetary Authority of Singapore said that 3AC misled the regulator and committed multiple violations between August 2020 and January 2022.

“MAS takes a serious view of Mr. Zhu’s and Mr. Davies’ flagrant disregard of MAS’ regulatory requirements and dereliction of their directors’ duties. MAS will take action to weed out senior managers who commit such misconduct,” Loo Siew Yee, assistant managing director of payments and financial crime at MAS said in a statement at the time.

Three Arrows collapsed in the summer of 2022 following the infamous depegging of the UST stablecoin.

Updated Sept. 29, 2023 at 10:48 am ET: Added additional context.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Top Committee Democrat Sen. Elizabeth Warren in her opening statement accused Atkins of “helping billionaire CEOs like Sam Bankman-Fried”

article-image

Introducing garbled circuits for enhanced privacy and regulatory compliance

article-image

Ross Ulbricht was a freedom maximalist building freedom tech, powered by Bitcoin

article-image

Solana validators can reap benefits including payments, votes and community clout

article-image

Sponsored

WalletConnect is cementing itself as the essential connectivity layer, ensuring wallets remain the entry point for billions of users

article-image

According to a legal filing, Galaxy Digital helped boost the price of LUNA while quietly selling its tokens