Court orders $1B asset freeze for 3AC founders: Liquidator Teneo

A British Virgin Islands court has prohibited the co-founders of insolvent crypto hedge fund Three Arrows Capital (3AC) from moving more than $1 billion worth of assets. 

The order, filed on Monday, bans co-founders Su Zhu and Kyle Davies, as well as Davies’ wife Kelly Chen, from transferring or selling assets amounting to $1.14 billion, 3AC liquidator Teneo said in a statement shared with Blockworks.

Three Arrows Capital filed for bankruptcy in July 2022. Representatives from law firm Latham & Watkins said in a petition at the time: “The debtor’s business has collapsed in the wake of extreme fluctuations in cryptocurrency markets.” 

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