He was arrested at Changi Airport while trying to leave the city and put in prison for 4 months
One of the founders of the collapsed cryptocurrency hedge fund Three Arrows Capital was arrested in Singapore and sent to prison for four months, according to the body responsible for liquidating the company.
The company, based in Singapore, filed for bankruptcy last year after suffering losses following widespread sales of assets it bet on amid falling prices in the cryptocurrency markets.
The Teneo company in charge of managing the liquidation of Three Arrows Capital said in a statement late on Friday that Su Zhou was arrested at Changi Airport in Singapore while trying to leave the city. His arrest came after Teneo said it obtained a referral order this week against Chu for not complying with its investigations into the company's bankruptcy.
"The detention orders issued by the Singapore courts sentenced Cho to four months in prison," Tenio noted. She added that his co-founder Kyle Davies was also sentenced to four months in prison, but "his whereabouts remain unknown at this time." She explained that the monetary authority in Singapore prevented the two men “from carrying out regulated investment activities for a period of nine years each.”
The liquidator, appointed by a court in the British Virgin Islands to manage the bankruptcy process, is trying to recover the assets of Three Arrows Capital and achieve returns for its creditors after the company's bankruptcy.
However, the liquidation corporation accused Cho and Davis of not cooperating with refund efforts and not providing information voluntarily.
In a report published by the New York Times last June, the two men said that they had been traveling since the collapse of the hedge fund, including to the Indonesian island of Bali, where they were surfing and meditating.
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