According to obtained information, authorities at a Singapore airport arrested Su Zhu, a founding partner of Three Arrows Capital, on Friday afternoon while he was attempting to leave the country.

The liquidation officer of the crypto hedge fund Teneo confirmed that they obtained a commitment order against Su for failing to comply with a court order that required his cooperation in an investigation related to liquidation. Furthermore, the authorities sentenced Su to 4 months of imprisonment as a result of this decision.

In its statement, Teneo said,

“Joint liquidation officers, on September 25, 2023, due to Mr. Zhu’s deliberate non-compliance with a court decision that essentially forces him to cooperate with the liquidation officers’ investigations and be accountable, they have applied for an execution order against Mr. Zhu and have received this order.” In addition, Teneo said, “We are operating as one of the founders and former investment managers of 3AC”.

The fund’s other founding partner, Kyle Davies, was also given a similar order and sentenced to four months in prison, but he was not arrested because it was unknown where he was.

In the beginning of September, the Singapore Monetary Authority banned Su and Davies from commercial activities held in the country.

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Three Arrows Capital’s Collapse

Three Arrows Capital was once one of the largest crypto hedge funds. However, it faced problems in months following the collapse of the Terra ecosystem last year. Along with this, it filed for bankruptcy in July 2022 and, at that time, the company had a debt of more than 3.5 billion dollars to its largest creditors according to related documents.

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