3AC co-founder Su Zhu displays concerns about facing fines and imprisonment

Su Zhu, the co-founder of the troubled cryptocurrency hedge firm Three Arrows Capital (3AC), is said to be concerned about facing harsh legal repercussions. The Singaporean added specifically that because they were in control of the failed company, he, Kyle Davies, and other executives may receive “fines and imprisonment.”

A British Virgin Islands court ordered 3AC to be liquidated at the end of June. Numerous cryptocurrency companies soon after revealed exposure to the bankrupt company, and its two main executives, Su Zhu and Kyle Davies were said to have left Singapore.

A recent Bloomberg report claims that Zhu personally handed his affidavit in Thailand a few weeks ago. He stated that he is worried about “the potentially draconian consequences arising from the Liquidators’ exercise of their wide powers” in it. The executive is concerned that he and some other executives at the company could potentially end up in jail.

Teneo, the consulting company chosen by a British Virgin Islands court to liquidate 3AC’s assets, “strongly disagreed” with Zhu’s assertion that their lawyers had overstepped their limits. The company stated:

“We remain optimistic that such parties will provide access to complete records and all relevant information to enable us to discharge our responsibilities fully in the interests of the creditors of 3AC.”

Uncooperative 3AC executives

As TheCoinRise reported, Su Zhu and Kyle Davies were recently accused of being uncooperative by a different group of lawyers despite the serious harm their company has caused people. Additionally, they stated that the duo had fled Singapore and that it was unknown where they were.

Due to the fact that BlockchainCom and Voyager Digital were a couple of its well-known creditors, the collapse of 3AC was seen as a huge blow to the industry. 

Zhu and Davies eventually opened out on the issues facing their business and what led to its recent fall after being silent for a while. They argued that the downtrend was initiated by the simultaneous collapse of one-way bets and accommodating loan arrangements and that the crypto market crisis subsequently accelerated the decline.