Three Arrows Capital
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anchored·34FRCV…2qYVSummary
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
7 entities · 60 linked investigations- Kyle Davies→mentioned with→Su Zhu(85%)
- Voyager Digital→mentioned with→Celsius Network(75%)
- Three Arrows Capital→mentioned with→Su Zhu(85%)
- Three Arrows Capital→mentioned with→Celsius Network(80%)
- Three Arrows Capital→mentioned with→Terra/Luna(75%)
- Kyle Davies→mentioned with→Terra/Luna(75%)
- Kyle Davies→mentioned with→luna(70%)
- luna→mentioned with→Terra/Luna(70%)
- Su Zhu→mentioned with→Terra/Luna(70%)
- Su Zhu→mentioned with→luna(70%)
- + 17 more
Connected Through
7 shared actors · 64 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Terra/Lunaorganization
- □Three Arrows Capitalorganization
- □Celsius Networkorganization
- □lunaorganization
Timeline(21 events)
2012
Three Arrows Capital founded by Su Zhu and Kyle Davies in San Francisco with approximately $1 million in seed capital.
Wikipedia / CoinTelegraphFebruary 2022
3AC invests over $200 million in LUNA tokens as part of the Luna Foundation Guard's $1 billion capital raise.
CoinDesk9 May 2022
TerraUSD (UST) loses its dollar peg; LUNA collapses from ~$80 to near zero within days, devastating 3AC's portfolio.
CryptoSlate15 June 2022
3AC gives a cryptic non-answer when asked by Fortune about potential insolvency amid market speculation.
Fortune27 June 2022
A British Virgin Islands court orders Three Arrows Capital into liquidation. Teneo appointed as liquidator.
The Block / Decrypt19 July 2022
Bankruptcy filings reveal 3AC owes $3.5 billion to 27 creditors; Much Wow superyacht purchase from company funds disclosed.
Fortune22 July 2022
Su Zhu and Kyle Davies speak to Bloomberg and break silence after weeks of inaccessibility, with reports they were looking to move to Dubai.
CoinDesk17 October 2022
Reports emerge that the SEC and CFTC are probing 3AC for alleged investor deception and failure to register with U.S. agencies.
CoinDesk2 December 2022
Liquidators seize $35.6 million in cash from 3AC Singaporean bank accounts and file $30 million claim over Much Wow superyacht.
CoinDesk / Decrypt2023
Leaked pitch deck reveals Zhu, Davies, and CoinFLEX founders planning a new bankruptcy claims exchange initially named GTX.
CoinDeskApril 2023
OPNX (Open Exchange) launches, offering spot, futures, and bankruptcy claims trading.
Decrypt16 August 2023
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 Business13 September 2023
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 / CoinDesk29 September 2023
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 / CNBC21 December 2023
BVI court freezes over $1 billion in assets belonging to Su Zhu, Kyle Davies, and Davies' wife Kelly Chen.
CoinDeskDecision Log
- slot 423161852 · hash 5MqJDuK6zP2LPXLBfGmMRg5jcCDAyJN8rVfEwKv2xXsD
- slot 419590279 · hash 4vxqquMEgE2tbdQzf8zNYGeoEXkRVqsVncaE2ZNn1koc
- slot 419590277 · hash DNh1C8TcYxqjntkKCw3m65RSsSKagwg2oLQm488v773g
This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 18 of 21 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 5/8/2026, 2:30:42 AM
last updated: 5/8/2026, 2:30:42 AM
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