The post Three Arrows Founder’s $1 Billion Asset Seized From BVI appeared first on Coinpedia Fintech News
Founders of Three Arrows Capital hit with massive $1 billion asset freeze.
Two courts slapped freeze orders on the Three Arrows founders’ cash. The British Virgin Islands court locked up their global stash, while Singapore followed suit, tightening the legal grip on their dwindling fortune.
The founders of collapsed cryptocurrency hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have had their assets frozen to the tune of $1.1 billion by a court in the British Virgin Islands. The move comes as part of efforts to recover funds for creditors, who are owed $3.5 billion by the now-defunct firm.
The Collapse of Three Arrows Capital
Three Arrows Capital (3AC) was once a major player in the cryptocurrency industry, managing over $10 billion in assets at its peak. However, in June 2022, it became clear that the fund was in serious trouble, with reports suggesting that i
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