{"id":25193,"date":"2023-12-21T12:07:16","date_gmt":"2023-12-21T12:07:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/3ac-founders-face-1-14-billion-asset-freeze-amid-ongoing-bankruptcy-saga\/"},"modified":"2023-12-21T12:07:16","modified_gmt":"2023-12-21T12:07:16","slug":"3ac-founders-face-1-14-billion-asset-freeze-amid-ongoing-bankruptcy-saga","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/3ac-founders-face-1-14-billion-asset-freeze-amid-ongoing-bankruptcy-saga\/","title":{"rendered":"3AC founders face $1.14 billion asset freeze amid ongoing bankruptcy saga"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703150212679-0497c433-74b3-4d8a-a6af-15a1bdc0e22a-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703150212679-0497c433-74b3-4d8a-a6af-15a1bdc0e22a-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703150212679-0497c433-74b3-4d8a-a6af-15a1bdc0e22a-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/12\/1703150212679-0497c433-74b3-4d8a-a6af-15a1bdc0e22a-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul class=\"decimal_type\">\n<li>British Virgin Islands court orders freeze, alleging founders\u2019 role in $3.3B 3AC debt.<\/li>\n<li>Once celebrated, 3AC founders face prison, regulatory bans, and damaged reputations.<\/li>\n<li>Singapore had also issued a domestic freeze order on the founders in September.<\/li>\n<\/ul>\n<p>The co-founders of Three Arrows Capital (3AC), once a crypto hedge fund giant, find themselves entangled in a legal web after a British Virgin Islands court issued a sweeping order, freezing over $1.14 billion in assets belonging to Su Zhu, Kyle Davies, and Davies\u2019 wife, Kelly Chen.<\/p>\n<p>The freezing of assets is a stark consequence of 3AC\u2019s 2022 collapse and ensuing $3.3 billion debt, coupled with allegations of founders exacerbating the fund\u2019s financial downfall.<\/p>\n<h2>Teneo\u2019s claims against 3AC founders<\/h2>\n<p>Following the ruling in British Virgin Islands Su Zhu, Kyle Davies, and Kelly Chen are now prohibited from transferring or selling the assets totalling a staggering $1.14 billion. This move comes as a response to claims by liquidator Teneo that the founders played a role in 3AC\u2019s financial deterioration, justifying the freezing order.<\/p>\n<p>Three Arrows Capital, once a leading force in the crypto hedge fund landscape, met its downfall in 2022. The fund, headquartered in Singapore, succumbed to a combination of ill-fated investments and the broader market crash triggered by the <a href=\"https:\/\/coinjournal.net\/news\/de-pegged-ust-sends-luna-tumbling-token-price-down-almost-95-in-the-last-24-hours\/\">collapse of Terra LUNA<\/a>. Failing to meet margin calls from lenders, 3AC filed for bankruptcy in the British Virgin Islands.<\/p>\n<p>Teneo, overseeing the closure process, accuses founders Zhu and Davies of non-cooperation, complicating the liquidation. It estimates the debt owed to creditors at approximately $3.3 billion.<\/p>\n<p>Notably, this freezing order is not an isolated incident, as Singaporean authorities had previously imposed a domestic freezing order, leading to Su Zhu\u2019s arrest in September. The Singapore Court\u2019s involvement, with a domestic freezing order and subsequent legal actions, further underscores the severity of the situation.<\/p>\n<p>Zhu and Davies now grapple with tarnished reputations and regulatory bans in Singapore and the British Virgin Islands.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/3ac-founders-face-1-14-billion-asset-freeze-amid-ongoing-bankruptcy-saga\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) British Virgin Islands court orders freeze, alleging founders\u2019 role in $3.3B 3AC debt. Once celebrated, 3AC founders face prison, regulatory bans, and damaged reputations. Singapore had also issued a domestic freeze order on the founders in September. The co-founders of Three Arrows Capital [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":25194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25193"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25193"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25193\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25194"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}