Three Arrows Capital (3AC)
A Singapore-based crypto hedge fund, once reportedly managing ~$10B, that collapsed in June 2022 amid heavy leverage and the Terra/LUNA crash. A BVI court ordered it liquidated; Singapore's MAS banned founders Su Zhu and Kyle Davies for nine years.
Also known as: Three Arrows Capital, 3AC, Su Zhu, Kyle Davies
Summary
Three Arrows Capital (3AC) was a Singapore-based cryptocurrency hedge fund founded by Su Zhu and Kyle Davies that, at its peak, reportedly managed around $10 billion in assets. It collapsed in June 2022 after large, highly leveraged bets and the Terra/LUNA crash left it unable to meet margin calls and loan repayments. [1][2]
Collapse
A court in the British Virgin Islands ordered 3AC into liquidation in mid-2022. Liquidators (Teneo) later said they were pursuing claims of roughly $3.5 billion against the founders, and creditors filed billions in claims. The fund's defaults contributed to the failures of several crypto lenders. [1][2]
Regulatory action
In June 2022 the Monetary Authority of Singapore (MAS) reprimanded 3AC for providing false information and exceeding assets-under-management thresholds. In September 2023, MAS issued nine-year prohibition orders against Zhu and Davies. Zhu was briefly detained in Singapore in 2023 for failing to cooperate with liquidators. [3]
Bracketed numbers refer to the numbered sources listed below.
Sources (3)
- Crypto hedge fund Three Arrows Capital files for bankruptcy — Reuters
- Three Arrows Capital (overview) — Wikipedia
- MAS Issues Prohibition Orders Against Mr Zhu Su and Mr Kyle Davies — Monetary Authority of Singapore
See also
AmanKesar11 Frozen Bitcoin CaseOtherIn June 2026, blockchain investigator reports highlighted a case involving approximately 5.73 BTC (worth roughly $475,000 at the time of freezing) that had been frozen by cryptocurrency exchange Changelly in March 2025. The individual associated with the funds, using the online alias AmanKesar11, reportedly contacted investigators seeking assistance in recovering the frozen assets. During discussions, multiple and conflicting explanations were provided regarding the origin of the funds.
Gala Games exploitTokensOn May 20, 2024 an attacker abused a privileged minter account on the GALA token contract to mint 5 billion GALA (≈$200M+ nominal) and dumped ~600M of them for ~$22M of ETH before Gala froze the address. Gala Games called it an internal access-control failure; the attacker later returned the ~$22M.
This page was last updated on Jun 15, 2026. View revision history.
