Key Points:
-
3AC founder Su Zhu signals a potential release via social media after a Singaporean prison sentence.
-
3AC’s $4 billion liquidation resulted from the 2022 crypto market collapse.
-
Post-collapse, Zhu and Davies deny wrongdoing, pursue personal ventures, and unveil Open Exchange.
3AC founder Su Zhu has seemingly been released from prison, as suggested by a recent tweet on a social media platform with a simple “gm.”
3AC Founder Su Zhu’s Potential Release
This development follows 3AC founder Su Zhu’s arrest at Changi Airport in Singapore on September 29, where he, along with fellow Three Arrows founder Kyle Davies, was sentenced to four months in prison. Both founders faced committal orders after failing to cooperate with the liquidators investigating the collapse of their hedge fund.
The liquidation of 3AC, a cryptocurrency fund that managed $4 billion at its peak, was triggered by the cryptocurrency market meltdown in the summer of 2022. The fund’s bankruptcy had widespread repercussions, affecting millions of amateur investors and contributing to the downfall of various companies in the crypto industry.
Kyle Davies’s current whereabouts remain unknown, according to Teneo, the firm overseeing the fund’s liquidation. Su Zhu’s reappearance on social networks is interpreted as a signal to the crypto community about his release, making him the latest crypto executive to face legal consequences following the market downturn last year.
Following the collapse of 3AC, co-founders Su Zhu and Kyle Davies refuted allegations of wrongdoing and embarked on individual journeys. While Davies explored destinations such as Spain and Bali, 3AC founder Zhu pursued personal interests, including playing video games and engaging a surf instructor.
Their post-collapse activities took an unexpected turn in April when the duo revealed their new venture, Open Exchange. Positioned as a marketplace, Open Exchange aims to assist investors who incurred losses during the cryptocurrency market implosions of the previous year.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
