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SINGAPORE: As soon as upon a time Zhu Su was on prime of the world, with a internet value of over S$1 billion. Nonetheless, with the collapse of the high-profile cryptocurrency hedge fund he co-founded, Three Arrows Capital (3AC), money owed of over S$4 billion, and most just lately, an arrest at Changi Airport, Zhu has seen a surprising reversal of fortune in just some brief years.
Zhu was arrested whereas he was attempting to depart Singapore on Friday final week, in response to Teneo, the agency appointed because the joint liquidator of 3AC after its failure. Nonetheless, an Oct 5 (Thursday) report from Reuters mentioned that police in Singapore “appeared” to substantiate Zhu’s arrest, saying {that a} “36-year-old man” had been arrested on Sept 29 at Changi Airport, though the person was not named within the e mail the police despatched Reuters. Nor was the matter elaborated on.
Teneo advised The Enterprise Instances that Zhu was given a four-month jail sentence underneath a committal order as a result of his failure to cooperate with investigations into 3AC. Kyle Davies was given the identical committal order, though the co-founder of 3AC stays at giant.
Zhu, a Singaporean, and Davies, an American, based 3AC in 2012, on the kitchen desk of their condo. The 2 males have been working as merchants at Credit score Suisse on the time. At one level, their crypto property have been allegedly value a number of billion {dollars}.
Nonetheless, a courtroom within the British Virgin Islands put the corporate underneath liquidation in June 2022, as a result of 3AC’s failure to pay its collectors. Moreover, 3AC was reprimanded shortly afterwards by the Financial Authority of Singapore as a result of it had offered false info and breached trade licensing guidelines for fund administration.
After the failure, Zhu offered his Bukit Timah S$48.8 million Good Class Bungalow, which he had purchased solely seven months earlier than. The Bukit Timah GCB was considered one of three bungalows that Zhu, now 37, bought between 2019 and 2021 for a complete quantity of S$83.55 million.
Along with the three GCBs owned by Zhu and others linked to 3AC the property additionally included a townhouse and a shophouse, plus a yacht and a fleet of high-end vehicles.
Zhu and Davies lived it up in Bali, Indonesia, within the wake of their firm’s failure, The New York Instances reported earlier this yr.
There, Zhu spent loads of time taking part in video video games, “possibly like 12 hrs a day,” however ultimately “began going into the ocean, browsing, taking arduous walks, getting again into health club routine, studying books, studying new languages.”
/TISG
Founders of failed crypto hedge fund 3AC lived it up in Bali in wake of collapse
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