Liquidators of $3 Billion Crypto Hedge Fund Three Arrows Capital Propose to Recover $1.3 Billion from Co-Founders Singaporean Zhu Su & American Kyle Davies, Took on Larger Leverage after Suffering Losses in 2022 May with the Firm Already Insolvent or Bankrupt
30th June 2023 | Hong Kong
Liquidators of $3 billion crypto hedge fund Three Arrows Capital are proposing to recover $1.3 billion directly from co-founders Singaporean Zhu Su & American Kyle Davies, taking on larger leverage in the hedge fund after suffering losses in 2022 May with the firm already insolvent or bankrupt. Three Arrows Capital is founded by 2 former Credit Suisse traders & crypto billionaire Zhu Su (Age 35) and Kyle Davies (Age 35) in 2012 in a kitchen table in their apartment. The fund had over $3 billion worth of cryptocurrencies under management. Teneo, one of the appointed liquidators of Three Arrows Capital, had been appointed to manage the sale & liquidation of Three Arrows Capital remaining holdings (tokens, equity stakes in crypto start-ups). Earlier in 2023 June, Three Arrows Capital 37 NFTs (Non-fungible tokens) bought at $15.5 million had been sold for $10.9 million in a Sotheby’s auction in New York (Announced by Sotheby’s 15/6/23), with Three Arrows Capital founders Singaporean Zhu Su and American Kyle Davies currently living in Bali (Indonesia) and had launched an open exchange for investors to buy & sell crypto bankruptcy claims. In 2021, Three Arrows Capital had acquired the 37 NFTs for $15.5 million. In July 2022, Three Arrows Capital had been ordered into liquidation by a BVI Court (British Virgin Islands), after failing to meet creditors demand for payment including $665 million from Voyager Digital. The former Credit Suisse traders & founders of $3 billion crypto fund Three Arrows Capital, had also been reported to spent $50 million on downpayment for a yacht (Italy) and S$48.8 million on a bungalow in Singapore, according to a document published by the appointed liquidator Teneo. More info below.
“ Liquidators of $3 Billion Crypto Hedge Fund Three Arrows Capital Propose to Recover $1.3 Billion from Co-Founders Singaporean Zhu Su & American Kyle Davies, Took on Larger Leverage after Suffering Losses in 2022 May with the Firm Already Insolvent or Bankrupt “
Collapsed $3 Billion Crypto Hedge Fund Three Arrows Capital 37 $15.5 Million NFTs Sold for $10.9 Million in Sotheby’s Auction in New York, Founders Singaporean Zhu Su & American Kyle Davies Currently Living in Bali & Launched Open Exchange for Investors to Buy & Sell Crypto Bankruptcy Claims
16th June 2023 – Collapsed $3 billion crypto hedge fund Three Arrows Capital 37 NFTs (Non-fungible tokens) bought at $15.5 million had been sold for $10.9 million in a Sotheby’s auction in New York (Announced by Sotheby’s 15/6/23), with Three Arrows Capital founders Singaporean Zhu Su and American Kyle Davies currently living in Bali (Indonesia) and had launched an open exchange for investors to buy & sell crypto bankruptcy claims. In 2021, Three Arrows Capital had acquired the 37 NFTs for $15.5 million. In July 2022, Three Arrows Capital had been ordered into liquidation by a BVI Court (British Virgin Islands), after failing to meet creditors demand for payment including $665 million from Voyager Digital. Former Credit Suisse traders & founders of $3 billion crypto fund Three Arrows Capital, had also been reported to spent $50 million on downpayment for a yacht (Italy) and S$48.8 million on a bungalow in Singapore, according to a document published by the appointed liquidator Teneo. More info below.
Former Credit Suisse Traders & Founders of $3 Billion Crypto Fund Three Arrows Capital Spent $50 Million on Downpayment for Yacht & S$48.8 Million on Bungalow in Singapore
21st July 2022 – Former Credit Suisse traders & founders of $3 billion crypto fund Three Arrows Capital, had spent $50 million on downpayment for a yacht (Italy) and S$48.8 million on a bungalow in Singapore, according to a document published by the appointed liquidator Teneo. As of April 2022, Three Arrows Capital had $3 billion of Assets under Management and with the latest filing, owes 27 crypto firms $3.5 billion (Owing Genesis: $2.3 billion). Earlier in July 2022, Three Arrows Capital had been ordered into liquidation by a BVI Court (British Virgin Islands), after failing to meet creditors demand for payment including $665 million from Voyager Digital. Three Arrows Capital is founded by 2 former Credit Suisse traders & crypto billionaire Zhu Su (Age 35) and Kyle Davies (Age 35) in 2012 in a kitchen table in their apartment. The fund had over $3 billion worth of cryptocurrencies under management. Teneo, one of the appointed liquidators of Three Arrows Capital, will manage the sale & liquidation of Three Arrows Capital remaining holdings (tokens, equity stakes in crypto start-ups). Separately, the Singapore central bank Monetary Authority of Singapore (MAS) had reprimanded crypto hedge fund Three Arrows Capital for providing false information to MAS (failure to notify change of directorship & shareholders, misleading representation of offshore entity) and exceeding the S$250 million assets under management (AUM) threshold allowed for a registered fund management company (RFMC). Three Arrows Capital had also failed to inform MAS within the required timeline of changes in the directorships and shareholdings of its directors, Mr Su Zhu and Mr Kyle Livingston Davies. Three Arrows Capital had also provided misleading information to MAS that it had replaced and shifted the management of its fund to an unrelated offshore entity with effect from 1 September 2021. This representation was misleading as Three Arrows Capital and the offshore entity shared a common shareholder, Mr Su Zhu.
Three Arrows Capital
Three Arrows Capital Ltd. is a hedge fund established in 2012 and focused on providing superior risk-adjusted returns, founded by Su Zhu and Kyle Davies.
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