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Liquidators Outraged By Silence From 3AC’s Su Zhu And Kyle Davies

Liquidators are concerned that the founders of Three Arrows Capital (3AC) may be evacuating assets out of reach of creditors, according to court documents.
Su Zhu (left) and Kyle Davies

It appears that 3AC is not cooperating with its liquidators. According to a 1,157-page affidavit written by liquidator Russel Crumpler, Su Zhu, and Kyle Davies, the two founders and managers of crypto hedge fund 3AC “refused to interact meaningfully” (or fully cooperated) with creditors and liquidators.

Of particular concern to Crumpler are signs that Zhu may be “taking steps” to dispose of assets.

Crumpler revealed that neither Davies nor Zhu had contacted the liquidators since their June 27 appointment even though 3AC had filed for bankruptcy on its own. In fact, Crumpler said Zhu and Davies filed 3AC for bankruptcy without notifying the company’s other director, Mark James Dubois, or their creditors.

The liquidators found the 3AC Singapore office unoccupied and locked on June 30. After repeated contact with 3AC’s former attorneys and Davies and Zhu themselves, they finally received a Zoom call from lawyers on July 6, in which “people who identify themselves as Su Zhu and Kyle” were present, albeit with muted and off cameras.

Crumpler also attested that the company transferred $31.6 million in crypto to Tai Ping Shan Limited, a company located in the Cayman Islands, and $10.9 million into an anonymous wallet. It is not clear where the funds are currently going, he said.

He also criticized Zhu and Davies for fear the company’s money was being used for “luxury personal purchases.”

Crumpler believes Zhu and Davies may have prepaid a $50 million yacht with borrowed funds and points to signs that Zhu may be looking to sell one of the multimillion-dollar properties. his la in Singapore. According to Crumpler, three more individuals can access the company’s various portfolios.

3AC’s lawyers explained that the silence was due to “alleged threats against the Davies and Zhu families” and the cooperation of the 3AC founders with the central bank of Singapore after being arrested. reprimand for providing false information.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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