According to 3AC’s bankruptcy filing, two co-founders Su Zhu and Kyle Davies are currently unknown and are rumored to have left Singapore.
Less than a week after being ordered into liquidation by a British Virgin Islands court, crypto hedge fund Three Arrows Capital (3AC) filed for Chapter 15 bankruptcy on July 1.
Representatives from law firm Latham & Watkins filed the petition in a New York court, according to court documents.
According to the bankruptcy filing filed by 3AC on July 1, the company managed more than $3 billion in assets as of April 2022, and the representative did not know the locations of founders Su Zhu and Kyle Davies, who were rumored to have left Singapore.
“The foreign representatives understand and believe that while the debtor has had certain operations in Singapore, Mr. Davies and Mr. Zhu’s current location remains unknown. They are rumored to have left Singapore.”
According to another source, they are also said to have completely turned off the camera and noise during a Zoom call with the advisor and displayed a non-cooperative attitude during the following time.
The liquidator also said that they do not know the current location of Zhu Su and Kyle Davies, thus expressing concern that the two founders will disperse the assets of the fund and disadvantage the creditors, especially when Three Arrows Capital’s assets include cash, cryptocurrencies, and NFTs, which are extremely liquid.
There has been much speculation that two Mr. Zhu Su and Kyle Davies are currently in Dubai, based on Zhu Su’s Twitter profile and information that Three Arrows Capital plans to move its headquarters from Singapore to this Middle Eastern city.
Su Zhu had earlier been rumored to be selling his Singapore mansion
Three Arrows Capital co-founders’ locations not being known come amidst rumors that Su Zhu was reportedly looking to sell his $35 million Singapore mansion and have the proceeds sent to a bank in Dubai.
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