Golden Finance reported on September 29 that Three Arrows Capital co-founder Su Zhu was arrested at Singapore Changi Airport.
On October 6, 2023, photos obtained by The Block revealed the moment Zhu Su was arrested. The following is from The Block, compiled by Golden Finance.
Zhu Su, co-founder of defunct cryptocurrency hedge fund Three Arrows Capital, was arrested last week at Singapore’s Changi Airport while trying to leave the country.
The fund’s liquidator, Teneo, said in a statement on September 29 that the fund had received a warrant for Zhu’s failure to cooperate with the company’s liquidation investigation, despite a previous Singapore court order that he must cooperate. The order sentenced Zhu to four months in prison. According to Reuters, Singapore police confirmed yesterday that a “36-year-old man” was arrested on September 29, but did not reveal his identity.
Photos obtained by The Block show the moment Zhu was arrested.
Zhu Su was arrested at Changi Airport last week. Image: Block Pro
The photos appear to show Zhu being stopped by two police officers before passing through the airport.
The moment Zhu Su was arrested. Image: Block Pro.
Zhu’s lawyers did not immediately respond to a request for comment. A Singapore police spokesman declined to comment further on the arrest, while a Teneo spokesman referred to the company’s initial statement on the matter.
Zhu Su is escorted by police through the airport. Image: Block Pro.
Davies' whereabouts unknown
At its peak, Three Arrows Capital was one of the largest hedge funds in the cryptocurrency space, reportedly managing around $10 billion in assets and investing in everything from liquidity tokens to startup equity and NFTs. The firm filed for bankruptcy in July 2022, a few months after the cryptocurrency market was thrown into turmoil by the collapse of the Terra ecosystem. According to documents filed at the time, the fund owed creditors at least $3.5 billion.
Since then, Three Arrows’ liquidator Teneo has repeatedly complained about a lack of cooperation from Zhu and his co-founder Kyle Davies. In January, Teneo attempted to subpoena the pair via a post on X (formerly Twitter). More recently, in June, reports emerged that Teneo was planning to recover $1.3 billion from Davies and Zhu, after claiming they had incurred losses equal to that amount from debts accrued in the months before Three Arrows’ collapse.
Teneo said in a statement about Zhu's arrest that Davies was also sentenced to four months in prison, but added that his "current whereabouts are unknown."