Three Arrows Capital’s liquidators say about $1 billion in assets of the founder of the cryptocurrency hedge fund have been frozen by a British Virgin Islands court. The court has issued an order prohibiting Three Arrows Capital co-founders ZhuSu, Kyle Davies and Davies' wife Kelly Chen from transferring or selling assets worth up to $1.14 billion, liquidator Teneo said in an emailed statement, adding that creditors are owed approximately $3.3 billion.
Once one of the largest crypto-native hedge funds, Three Arrows collapsed in 2022 after a series of failed bets.
Sanjian, which previously operated in Singapore, filed for bankruptcy protection in the British Virgin Islands. Teneo, the liquidator appointed by the British Virgin Islands court, had previously accused the founders of failing to cooperate substantively.
Teneo said that the Singapore court announced a domestic freezing order a day earlier. Previously, Zhu was arrested at Singapore Changi Airport in September while trying to leave Singapore.