Su Zhu, co-founder of defunct altcoin hedge fund Three Arrows Capital (3AC), will be released this month after being arrested in September. At least that’s what Bloomberg claims. The development comes as 3AC faces two days of questioning in a Singapore court to respond to lawyers for liquidator Teneo, which is owed $3.5 billion to creditors after its collapse last year. Following this development, OX coin experienced an increase. On the other hand, some developments on the bankrupt FTX front also increased the FTT price. Here are the details…
Some legal actions announced
Three Arrows Capital co-founder Su Zhu is expected to be released this month after being arrested in September for not cooperating with divestment efforts, sources familiar with the matter told Bloomberg. The legal saga continues as Zhu faces two days of interrogation in a Singapore court, responding to questions from appointed liquidator Teneo, who is seeking information about the cause of the fund’s failure and the whereabouts of its assets.
The civil cases, which focus on gathering key details for creditors, remain shrouded in secrecy, with Bloomberg’s sources stressing the confidentiality of ongoing legal proceedings. Zhu, who does not face any criminal charges in Singapore, is preparing to submit answers that will be shared with creditors to help maximize recoveries.
Will Zhu be released?
Su Zhu’s arrest at Changi Airport in September marked a major turning point for the co-founder of Three Arrows Capital. Despite being sentenced to four months in prison, Zhu is expected to be released this month under standard good behavior provisions, Bloomberg’s sources reported. The arrest came as Zhu attempted to travel out of the country and highlighted the legal complexities surrounding 3AC’s collapse.
Liquidator Teneo announced that a death warrant had been issued against Zhu for his failure to comply with a court order ordering him to cooperate with the investigation into the liquidation. The lawsuits against Zhu, a prominent name in the crypto hedge fund market, shed light on the challenges 3AC faces following the collapse of the Terra ecosystem and subsequent bankruptcy filing in July 2022. As Su Zhu prepares for his imminent release, the aftermath of Three Arrows Capital’s collapse continues to unravel and legal proceedings provide insight into the circumstances surrounding the fund’s failure. The crypto community awaits further developments as the story of 3AC and its co-founder unfolds.
Altcoin projects rose
While the crypto community awaits Zhu’s release, recent market data shows a 10% increase in OX, and this altcoin increase is likely influenced by the news surrounding his impending freedom. Additionally, market dynamics show that the FTT experience a significant rise to $5.7, followed by a slight decline to $5.58, with a notable 24-hour rise of 15.42%. These market movements coincide with a major agenda hearing for FTX Trading Ltd.’s bankruptcy case scheduled for December 14, adding further complexity to the evolving crypto landscape.
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