Su Zhu, the co-founder of the defunct hedge fund Three Arrow Capital (3AC) and crypto exchange OPNX, has been jailed in Singapore.
Su Zhu has been one of the most controversial figures in the crypto industry. Some community members have celebrated the news.
Su Zhu Apprehended in Singapore
The Business Times reported that authorities arrested Zhu at Changi Airport as he attempted to leave Singapore. Teneo, the liquidators for 3AC, said that he faces a four-month prison sentence.
Learn more: How To Build a Loyal Crypto Community From Scratch
The arrest became feasible when the Singapore Courts issued a committal order, empowering the police officers to arrest Zhu and sentence him to four months of imprisonment. Authorities have also granted a similar order against another 3AC co-founder, Kyle Davies, but so far, they have been unable to track him down.
Many consider Su Zhu one of the biggest crypto fraudsters. Therefore, the news of his arrest has made community members rejoice.
On-chain sleuth ZachXBT shared a screenshot of a beach photograph in Zhu’s latest Instagram story. With this, the community members didn’t miss the chance to mock the 3AC co-founder. Regarding the photograph in Zhu’s Instagram story, an X (Twitter) user wrote:
“Well he can still print it and put on the jail wall.”
Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?
Teneo Will Interrogate 3AC Co-Founders For Asset Recovery
During the tenure of Zhu’s imprisonment, Teneo will interrogate him regarding 3AC’s assets. The liquidators said:
“Throughout the process, the liquidators’ priority has been recovering the assets of 3AC and maximizing returns for its creditors.”
3AC’s liquidators have complained on various occasions that both the co-founders have been uncooperative during the liquidation process. Despite receiving subpoenas through X (Twitter), they persistently disregarded legal notices while remaining active on the same social media platform.
As 3AC co-founders were being chased by liquidators, they launched a new crypto exchange, OPNX, with the founders of CoinFLEX.
Read more: Crypto Hedge Funds: What Are They and How Do They Work?
On Sept. 14, the Monetary Authority of Singapore (MAS) issued nine-year prohibition orders against both co-founders, meaning they would not be allowed to perform any regulated financial activities in Singapore.
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