According to recent reports, Su Zhu was arrested at Singapore’s Changi Airport while attempting to leave the country. Prior to this, a Singaporean court had issued a committal order against him. Committal orders are used by courts to imprison someone for contempt of court.
The reason for Su Zhu’s arrest today, according to Teneo, a financial advisory firm overseeing the liquidation and management of Three Arrows Capital (3AC) fund issues, is that they received a committal order against Zhu after he and Kyle Davies failed to comply with the court’s order to cooperate with the investigation into the liquidation of the 3AC fund. According to a statement, this order has sentenced Su Zhu to 4 months of imprisonment.
Therefore, Su Zhu’s arrest in Singapore is currently related to his defiance of the court’s request rather than addressing the issues he and his colleague Kyle Davies may have caused for investors. Similarly, according to Teneo, Kyle Davies has also received a 4-month imprisonment order. Unfortunately, authorities have yet to locate him.
Before Su Zhu’s arrest in Singapore, this duo had been on the run continuously to avoid penalties related to their actions at 3AC. They started disappearing at the end of October 2022 and consistently denied their responsibility. Nonetheless, both remained active on social media, with Zhu even blaming DCG and FTX as the sources of 3AC’s downfall.
Notably, during their fugitive journey, the duo also founded the OPNX exchange. However, this exchange itself faced numerous allegations of lack of transparency, including suspicions of faking trading volumes.
Following Zhu’s arrest, Teneo shared that during this 4-month detention period, they will contact him to focus on issues related to recovering 3AC’s assets or their purchase with 3AC’s funds. Earlier, the Monetary Authority of Singapore had banned Zhu and Davies from engaging in investment activities for a period of 9 years.
OX is the token of the OPNX exchange. Its price witnessed a significant decline after the news of Su Zhu’s arrest in Singapore spread across the media. At the time of writing, the Open Exchange token has experienced a 53% decrease in the last 24 hours and is currently trading at $0.0109 USD. This decline, in addition to being influenced by the negative news mentioned above, is also due to the limited liquidity of this coin. Only one pool on Uniswap v3 accounted for nearly 97% of the trading volume.