Edit: Three Arrows Capital (3AC)

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## 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]

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