The founders of the bankrupt cryptocurrency hedge fund Three Arrows Capital are apparently in hiding. According to the liquidators in charge of the liquidation, the founders of the company Su Zhu and Kyle Davies are not to be found. It is to be feared that they could be satisfied with the remaining money.
Three Arrows Capital has been in trouble due to the huge price losses that cryptocurrencies such as Bitcoin have suffered in recent months. The crypto hedge fund could no longer serve its creditors and had to file for bankruptcy. The crypto crash has also ruined other companies in the industry: the crypto bank Voyager Digital also had to file for bankruptcy and major Bitcoin exchanges such as Bitpanda caused massive layoffs.
Can’t find the founder of Three Arrows
At Three Arrows Capital, trustees Russell Crumpler and Christopher Farmer must convert the remaining assets into cash. However, according to Reuters, this is not easy: the whereabouts of the company’s founders are unknown. Although the two participated in a video conference with the trustees, they said nothing or activated their cameras and only allowed the lawyers to speak.
Leaving company headquarters for weeks
Even when visiting the headquarters in Singapore, the founders could not be found. Mail had piled up in the office, which had apparently been abandoned for a long time, and no one was found. Neighbors in the office building said no one had come in for about six weeks.
The disappearance of the company’s founders fueled fears among the trustees that they would have fled with the remaining money. The bankrupt crypto hedge fund may have had cash and, of course, cryptocurrencies on hand. The trustees must first know how much: they have applied for access to the offices and crypto wallets of Three Arrows Capital in a US court.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
