Three Arrows Capital
Summary
Three Arrows Capital (3AC) was a Singapore-based cryptocurrency hedge fund founded in 2012 by Su Zhu and Kyle Davies that, at its peak in early 2022, managed an estimated $10 billion in assets. Severe losses from the Terra/LUNA ecosystem collapse in May 2022 triggered cascading margin calls and a liquidity crisis that led to court-ordered liquidation in the British Virgin Islands on June 27, 2022, leaving more than $3.5 billion in creditor claims. The founders subsequently faced arrest warrants, prison sentences for non-cooperation with liquidators, a nine-year regulatory ban by Singapore's Monetary Authority, and fines from Dubai's virtual asset regulator over a failed post-collapse exchange venture.
Connected Entities
1 entities- + 11 more
Timeline(21 events)
2012-01-01
Three Arrows Capital founded by Su Zhu and Kyle Davies in San Francisco with approximately $1 million in seed capital.
Wikipedia / CoinTelegraph2022-02-01
3AC invests over $200 million in LUNA tokens as part of the Luna Foundation Guard's $1 billion capital raise.
CoinDesk2022-05-09
TerraUSD (UST) loses its dollar peg; LUNA collapses from ~$80 to near zero within days, devastating 3AC's portfolio.
CryptoSlate2022-06-15
3AC gives a cryptic non-answer when asked by Fortune about potential insolvency amid market speculation.
Fortune2022-06-27
A British Virgin Islands court orders Three Arrows Capital into liquidation. Teneo appointed as liquidator.
The Block / Decrypt2022-07-19
Bankruptcy filings reveal 3AC owes $3.5 billion to 27 creditors; Much Wow superyacht purchase from company funds disclosed.
Fortune2022-07-22
Su Zhu and Kyle Davies speak to Bloomberg and break silence after weeks of inaccessibility, with reports they were looking to move to Dubai.
CoinDesk2022-10-17
Reports emerge that the SEC and CFTC are probing 3AC for alleged investor deception and failure to register with U.S. agencies.
CoinDesk2022-12-02
Liquidators seize $35.6 million in cash from 3AC Singaporean bank accounts and file $30 million claim over Much Wow superyacht.
CoinDesk / Decrypt2023-01-01
Leaked pitch deck reveals Zhu, Davies, and CoinFLEX founders planning a new bankruptcy claims exchange initially named GTX.
CoinDesk2023-04-01
OPNX (Open Exchange) launches, offering spot, futures, and bankruptcy claims trading.
Decrypt2023-08-16
Dubai's VARA fines OPNX AED 10 million ($2.7 million) and issues individual AED 200,000 reprimands to Su Zhu and Kyle Davies for operating without regulatory licenses.
Bloomberg / Arabian Business2023-09-13
MAS issues nine-year prohibition orders against Su Zhu and Kyle Davies under Singapore's Securities and Futures Act for regulatory violations including providing false information and failing to notify MAS of a new portfolio manager.
MAS Official / CoinDesk2023-09-29
Su Zhu arrested at Singapore's Changi Airport while attempting to leave the country, following a committal order for non-cooperation with liquidators. Sentenced to four months in prison.
TechCrunch / Bloomberg / CNBC2023-12-21
BVI court freezes over $1 billion in assets belonging to Su Zhu, Kyle Davies, and Davies' wife Kelly Chen.
CoinDeskDecision Log
- hash: 5MqJDuK6zP2LPXLBfGmMRg5jcCDAyJN8rVfEwKv2xXsD
- hash: 4vxqquMEgE2tbdQzf8zNYGeoEXkRVqsVncaE2ZNn1koc
- hash: DNh1C8TcYxqjntkKCw3m65RSsSKagwg2oLQm488v773g
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/8/2026, 2:30:42 AM
last updated: 5/30/2026, 1:03:54 PM
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