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Asia Express poses new danger as 3AC fugitives struggle to regroup

Asia Express poses new danger as 3AC fugitives struggle to regroup

– Su Zhu, co-founder of Three Arrows Capital (3AC), was apprehended at Singapore’s Changi International Airport while trying to flee the country.

– Singaporean courts issued an arrest warrant for Zhu due to his failure to comply with a court order to cooperate with the liquidator’s investigations into 3AC.

– Zhu was sentenced to four months in prison, and creditors plan to engage with him during his imprisonment to recover assets.

– Kyle Davies, 3AC’s co-founder, was also sentenced to four months imprisonment for contempt of court, but his whereabouts are unknown.

– The Monetary Authority of Singapore has barred both Zhu and Davies from conducting enterprise investment activity for nine years due to regulatory violations.

– 3AC filed for bankruptcy in July 2022 after failed trades on the Terra ecosystem, leaving creditors with over $3.5 billion in claims.

– OPNX, a platform for trading bankruptcy claims on fallen crypto companies, experienced a significant drop in its token value following Zhu’s arrest and Davies’ indictment.

– OPNX had onboarded tokenized claims of FTX and Celsius, but its claims dashboard remains dysfunctional.

– 3AC Ventures, a venture capital fund created by Zhu and Davies, appeared to be doing well prior to Zhu’s arrest.

– Creditors are focused on recovering 3AC’s assets and maximizing returns for creditors, including former 3AC assets used to create new entities.

– Teneo, the liquidator for 3AC, has recovered nonfungible tokens owned by 3AC and auctioned them for $13.4 million. The proceedings are ongoing.

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