Three Arrows founders’ $1 Billion in assets frozen by court

Around $1 billion in assets belonging to the founders of cryptocurrency hedge fund Three Arrows Capital have been frozen by a British Virgin Islands court, according to the firm’s liquidator. The court issued an order preventing co-founders Su Zhu and Kyle Davies, as well as Davies’ wife Kelly Chen, from transferring or selling assets worth up to $1.14 billion, the liquidator Teneo said in an emailed statement, adding that it estimates creditors are owed roughly $3.3 billion.

Three Arrows, once among the largest crypto-native hedge funds, imploded in 2022 after a series of bad bets. The failure was part of a crypto rout and spate of collapses in the sector.