Su Zhu, the founder of bankrupt crypto hedge fund Three Arrows Capital, has been arrested in Singapore and is detained at the Changi airport.
He and his business partner, Kyle Davies, have been sentenced to four months in prison by the Singapore Courts for contempt of court.
While they are detained, the liquidator, Teneo, announces that it will seek to recover all possible assets of 3AC or any property gotten through the sale of user assets.
The firm declared bankruptcy in 2022 and owes investors about $3 billion.
In May, the duo encountered problems after Dubai’s Virtual Assets Regulatory Authority reprimanded its unregulated OPNX exchange after the collapse of the hedge fund.
VARA is continuing to actively monitor the situation and investigate