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Founder of Three Arrows Capital Nowhere To Be Found According To Liquidators 

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Founder of Three Arrows Capital Nowhere To Be Found

According to a filing by consulting firm Teneo, which is anticipated to sell the remaining assets of the struggling cryptocurrency hedge fund, the founders of Three Arrows Capital are nowhere to be found. As a result of the dramatic selloff in digital currencies, Three Arrows filed for Chapter 15 bankruptcy in the British Virgin Islands late in June.

The move was meant to protect the assets of foreign corporations from US creditors. Three Arrows, co-founded by Kyle Davies and Zhu Su, declared bankruptcy after failing to repay a $670 million debt from cryptocurrency broker Voyager Digital, which has also declared bankruptcy. Three Arrows had $3 billion in assets at the end of April and $10 billion in cryptocurrency as of early this year, according to the liquidators’ court filing.

Court-assigned liquidators who recently visited the company’s office in Singapore claimed that the door was barred and they could not enter. According to the court petition, no one has been at the offices since late May or early June, according to neighbors. According to Reuters, there was also a pile of old mail near the entrance. In court records filed late Friday, legal counsel representing the creditors noted that 3AC’s founders “have not yet commenced cooperating with the proceeding in any meaningful way.”

Individuals identified as “Kyle” and “Su Zhu” were present for the initial Zoom conference, but their video and audio were disabled, and they failed to reply to direct questioning. Only their lawyers responded to queries on their behalf. Concerns are rising that Three Arrows’ assets, primarily cash, cryptocurrencies, and NFTs, could be easily transferred. A British Virgin Islands court-appointed Christopher Farmer and Russell Crumpler as 3AC liquidators, and they warn there is an “imminent risk” that Zhu and Davies may try to take the company’s remaining capital offshore.

According to Fortune, Three Arrows’ Starry Night NFTs have already been transferred to a different wallet for unclear reasons. According to Reuters, which cites a court filing, Zhu is attempting to sell a Singapore home worth tens of millions of dollars. A court hearing in New York has been scheduled for Tuesday morning. 


Featured Image: DepositPhotos @3DSculptor

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