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BVI court freezes Three Arrows Capital founders’ $1 billion in assets

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A British Virgin Islands courtroom has frozen as much as $1.1 billion value of belongings belonging to Su Zhu and Kyle Davies — the founders of defunct crypto hedge fund Three Arrows Capital — in addition to Davies’ spouse.

The corporate’s liquidator Teneo stated as we speak in a press release shared with The Block that the BVI courtroom made the order on Dec. 18 to forestall the 2 founders and Davies’ spouse Kelly Chen from coping with their belongings worldwide.

“The worldwide freezing order has been sought in reference to claims which are being pursued by the liquidators that allege, amongst different issues, that the Founders ought to be held accountable for inflicting 3AC’s place to deteriorate by an quantity that’s equal to the worth of the freezing orders sought,” Teneo stated.

Teneo famous {that a} Singapore courtroom additionally granted a home freezing order on Wednesday.

The BVI courtroom order comes after Zhu was arrested at Singapore’s Changi airport in September whereas making an attempt to journey in another country. Zhu confronted questioning in a Singapore courtroom final week, responding to 3AC’s liquidator Teneo because it seeks to reclaim $3.5 billion for collectors.

Three Arrows filed for chapter in July 2022 after the crypto markets had been thrown into turmoil by the collapse of the Terra ecosystem. The agency owed collectors at the very least $3.5 billion, in accordance with paperwork filed on the time.

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