Audit log

Every state-changing event for Three Arrows Capital: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1reviewby reviewerreviewer

   2026-05-14 01:46:46Z
   Score: 2 → 2 (no score change)
   The Three Arrows Capital investigation page is broadly accurate, with all major factual claims either confirmed or partially supported by credible sources. Key imprecisions include: the founding location described as 'San Francisco' when the legal entity was incorporated in Delaware; the OPNX shutdown statement attributed to Kyle Davies when contemporaneous reporting attributes it to Su Zhu; the VARA individual fines framed as applying only to the 3AC founders when CoinFLEX's founders also received identical fines; and the asset freeze figure stated as 'over $1 billion' when documented sources cite $1.1 billion specifically. No claims were found to be directly disputed by credible current sources, and the MAS regulatory violations section is notably precise and well-supported.
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   {"actor":"reviewer","decided_at":"2026-05-14T01:46:46.670Z","decision":"review","investigation_id":"0787de13-71a7-4f57-8438-c8b0c6346fe5","new_score":2,"page_slug":"three-arrows-capital","prev_score":2,"reason":"The Three Arrows Capital investigation page is broadly accurate, with all major factual claims either confirmed or partially supported by credible sources. Key imprecisions include: the founding location described as 'San Francisco' when the legal entity was incorporated in Delaware; the OPNX shutdown statement attributed to Kyle Davies when contemporaneous reporting attributes it to Su Zhu; the VARA individual fines framed as applying only to the 3AC founders when CoinFLEX's founders also received identical fines; and the asset freeze figure stated as 'over $1 billion' when documented sources cite $1.1 billion specifically. No claims were found to be directly disputed by credible current sources, and the MAS regulatory violations section is notably precise and well-supported.","score_delta":0,"sequence_num":1,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 51f51551-67d0-4a22-8487-3043b64dff74copy
2. #2review approveby judgejudge

   2026-05-14 01:46:46Z
   Score: 2 → 2 (no score change)
   The page is factually sound across all core claims: 3AC's 2012 founding, its $10B peak AUM, the Terra/LUNA collapse trigger, the $3.5B liquidation, Su Zhu's arrest and sentencing, and the MAS 9-year ban are all confirmed by Tier 1 and 2 sources. The reviewer identified zero directly disputed claims (disputed_pct = 3%). Minor imprecisions exist—rounding the asset freeze to 'over $1B' rather than $1.1B, a one-day date variance on the Chapter 15 filing, and an attribution of the OPNX shutdown rationale to Kyle Davies instead of Su Zhu—but these do not undermine the investigation's integrity. High-priority coverage gaps exist (Kyle Davies' post-2023 status, on-chain forensics), but gaps indicate expansion opportunities rather than factual failure.
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   {"actor":"judge","decided_at":"2026-05-14T01:46:46.670Z","decision":"review_approve","investigation_id":"0787de13-71a7-4f57-8438-c8b0c6346fe5","new_score":2,"page_slug":"three-arrows-capital","prev_score":2,"reason":"The page is factually sound across all core claims: 3AC's 2012 founding, its $10B peak AUM, the Terra/LUNA collapse trigger, the $3.5B liquidation, Su Zhu's arrest and sentencing, and the MAS 9-year ban are all confirmed by Tier 1 and 2 sources. The reviewer identified zero directly disputed claims (disputed_pct = 3%). Minor imprecisions exist—rounding the asset freeze to 'over $1B' rather than $1.1B, a one-day date variance on the Chapter 15 filing, and an attribution of the OPNX shutdown rationale to Kyle Davies instead of Su Zhu—but these do not undermine the investigation's integrity. High-priority coverage gaps exist (Kyle Davies' post-2023 status, on-chain forensics), but gaps indicate expansion opportunities rather than factual failure.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

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   python -m src.verify_decision 59149048-eb32-4e88-9941-2814b2e735eacopy
3. #3publishby system:backfill

   2026-05-30 13:03:54Z
   Score: ? → ? (no score change)
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   {"actor":"system:backfill","investigation_id":"0787de13-71a7-4f57-8438-c8b0c6346fe5","kind":"publish","page_slug":"three-arrows-capital","published_at":"2026-05-30T13:03:54.431Z","sequence_num":3,"snapshot":{"content_type":"investigation","entity_name":"Three Arrows Capital","sections":[{"content":"Three Arrows Capital Pte Ltd (3AC) was founded in 2012 by Su Zhu and Kyle Davies, both graduates of Columbia University who had previously worked as foreign exchange traders at Credit Suisse. The firm was initially incorporated in San Francisco before being re-registered in Singapore in 2013. 3AC operated primarily as a crypto-focused hedge fund, taking leveraged long positions across major cryptocurrencies and related derivatives. At its reported peak in March 2022, blockchain analytics firm Nansen estimated the fund managed approximately $10 billion in cryptocurrency assets, though subsequent liquidation proceedings suggested a significant portion of its visible asset base was sourced from uncollateralized borrowing across multiple lending platforms.","heading":"Background and Founding","severity":"low","sources":[{"credibility":2,"name":"Three Arrows Capital - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Three_Arrows_Capital"},{"credibility":2,"name":"3AC: A $10B hedge fund gone bust with founders on the run - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/3ac-a-10b-hedge-fund-gone-bust-with-founders-on-the-run"},{"credibility":1,"name":"How the fall of Three Arrows, or 3AC, dragged down crypto investors - CNBC","type":"news_article","url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"}]},{"content":"Three Arrows Capital held a significant position in Terra's LUNA token, with reports indicating the fund invested over $200 million as part of the Luna Foundation Guard's $1 billion capital raise in February 2022; other estimates placed total exposure closer to $560 million. Su Zhu was an active public promoter of LUNA on social media prior to the collapse. When the TerraUSD (UST) algorithmic stablecoin lost its dollar peg in May 2022 and LUNA fell from approximately $80 to near zero within a week, 3AC's position was effectively wiped out. The fund had also borrowed $189 million in USDC and USDT using ETH as collateral, and was unable to repay or increase collateral as prices fell. The combined losses triggered a cascade of margin calls from the more than 20 counterparties to whom 3AC owed funds.","heading":"Luna/UST Exposure and Collapse Trigger","severity":"critical","sources":[{"credibility":2,"name":"Three Arrows Capital Confirms Heavy Losses From LUNA's Collapse - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/06/17/three-arrows-capital-confirms-heavy-losses-from-lunas-collapse-exploring-potential-options-report"},{"credibility":1,"name":"How the fall of Three Arrows, or 3AC, dragged down crypto investors - CNBC","type":"news_article","url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"},{"credibility":2,"name":"The downfall of Three Arrows Capital (3AC): What went wrong? - CryptoSlate","type":"news_article","url":"https://cryptoslate.com/the-downfall-of-three-arrows-capital-3ac-what-went-wrong/"}]},{"content":"On June 27, 2022, a court in the British Virgin Islands ordered Three Arrows Capital into liquidation, appointing Teneo's Russell Crumpler and Christopher Farmer as joint liquidators. A 1,157-page filing submitted to U.S. bankruptcy court in July 2022 revealed that 3AC owed approximately $3.5 billion to 27 crypto companies. The single largest creditor was Genesis Asia Pacific Pte Ltd., a subsidiary of Digital Currency Group, which had lent $2.3 billion. Other major creditors included Voyager Digital LLC (over $685 million in bitcoin and ether), Celsius Network (approximately $75 million), FalconX ($65 million), and CoinList Services ($35 million). Notably, 3AC co-founder Su Zhu submitted a personal claim for $5 million and Kyle Davies' wife, Kelly Chen (also referred to as Chen Kelly), submitted a claim for $65 million. In December 2022, liquidators seized $35.6 million in cash held by 3AC in Singaporean banks. By June 2023, Teneo was seeking to recover $1.3 billion directly from Davies and Zhu. In December 2023, a court froze over $1 billion in assets belonging to Su Zhu, Kyle Davies, and Davies' wife.","heading":"Court-Ordered Liquidation and Creditor Claims","severity":"critical","sources":[{"credibility":2,"name":"Three Arrows Capital creditors lent bankrupt fund $3.5 billion, court documents show - The Block","type":"court_filing","url":"https://www.theblock.co/post/158169/three-arrows-capital-3ac-creditors-list-3-5-billion-crypto-affidavits"},{"credibility":2,"name":"Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis - Decrypt","type":"news_article","url":"https://decrypt.co/105416/bankrupt-three-arrows-capital-owes-3-5b-to-creditors-including-2-3b-to-genesis"},{"credibility":1,"name":"3AC bankruptcy filing reveals founders' missteps, $50M yacht, $3.5B owed to creditors - Fortune","type":"news_article","url":"https://fortune.com/2022/07/19/3ac-bankruptcy-filing-founders-missing-yacht-debt-creditors-owed/"},{"credibility":2,"name":"Three Arrows Capital Liquidators Seize $35.6M From Singaporean Banks - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/12/02/three-arrows-capital-liquidators-seize-356m-from-singaporean-banks"},{"credibility":2,"name":"Court Freezes $1 Billion of Assets of Three Arrows Capital Founders - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/12/21/court-freezes-1-billion-of-assets-of-three-arrows-capital-founders"},{"credibility":2,"name":"3AC liquidators look to recoup $1.3B from founders - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/three-arrows-liquidators-recoup-losses-from-founders"}]},{"content":"The collapse of 3AC triggered a significant contagion event across the cryptocurrency industry. Voyager Digital filed for Chapter 11 bankruptcy after 3AC failed to repay approximately $670 million it had borrowed. Celsius Network, which was already under stress, was forced to freeze withdrawals and later filed for bankruptcy. Blockchain.com reported substantial losses and conducted layoffs. Digital Currency Group, parent of Genesis, disclosed losses exceeding $1 billion related to the 3AC exposure. The cascading liquidations are widely attributed as a contributing factor to the approximately 48 percent decline in total cryptocurrency market capitalization over May and June 2022.","heading":"Market Contagion","severity":"high","sources":[{"credibility":1,"name":"How the fall of Three Arrows, or 3AC, dragged down crypto investors - CNBC","type":"news_article","url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"},{"credibility":2,"name":"DCG losses top $1B on the back of 3AC collapse in 2022 - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/dcg-losses-top-1b-on-the-back-of-3ac-collapse-in-2022"},{"credibility":2,"name":"Crypto crash: unpicking the Three Arrows Capital liquidation - S-RM","type":"research","url":"https://www.s-rminform.com/latest-thinking/crypto-crash-three-arrows-capital"}]},{"content":"On September 13, 2023, Singapore's Monetary Authority of Singapore (MAS) issued prohibition orders against Su Zhu and Kyle Davies under the Securities and Futures Act 2001 (SFA) and Securities and Futures (Licensing and Conduct of Business) Regulations. The orders, effective for nine years, prohibit both individuals from performing any regulated activity and from taking part in the management, directorship, or substantial shareholding of any capital markets services firm in Singapore. MAS cited multiple violations: failure to notify the central bank within the stipulated timeframe that 3AC had employed a new portfolio manager; providing false information to MAS in January 2022 by claiming that person had not engaged in any regulated activity; and failure to maintain an appropriate risk management framework. The period of contraventions was identified as August 2020 through January 2022.","heading":"Regulatory Actions: MAS 9-Year Ban","severity":"high","sources":[{"credibility":1,"name":"MAS issues Prohibition Orders against Three Arrows Capital's Zhu Su and Kyle Livingston Davies - MAS Official","type":"regulatory","url":"https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2023/mas-issues-prohibition-orders-against-three-arrows-capital-zhu-su-and-kyle-livingston-davies"},{"credibility":2,"name":"Three Arrows Founders Hit With 9-Year Trading Ban in Singapore - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/09/14/three-arrows-founders-hit-with-9-year-trading-ban-in-singapore"},{"credibility":2,"name":"Singapore's central bank slugs Three Arrows founders with 9-year ban - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/singapore-central-bank-bans-three-arrows-capital-founders"},{"credibility":1,"name":"Singapore's MAS Bans Crypto Hedge Fund Three Arrows' Su Zhu, Kyle Davies - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-09-14/singapore-bans-zhu-davies-over-crypto-hedge-fund-three-arrows"}]},{"content":"Both Su Zhu and Kyle Davies were issued committal orders by Singapore courts for failing to cooperate with the liquidation process. Each order carried a four-month prison sentence. Su Zhu was arrested at Singapore's Changi Airport on September 29, 2023, while attempting to leave the country. The arrest followed a tip-off to Singaporean authorities by the liquidators at Teneo. Zhu transitioned to home detention in late November 2023, with his sentence ending on December 20, 2023. Kyle Davies, whose current location remained unknown to liquidators, had not been apprehended as of the time of Zhu's arrest. The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) were also reported in October 2022 to be examining whether 3AC misled investors about its balance sheet and failed to register with the two agencies; however, no formal charges have been publicly confirmed.","heading":"Arrest of Su Zhu and Committal Orders Against Both Founders","severity":"critical","sources":[{"credibility":1,"name":"Three Arrows Capital co-founder Zhu arrested in Singapore airport, sentenced four months in prison - TechCrunch","type":"news_article","url":"https://techcrunch.com/2023/09/29/three-arrows-capital-co-founder-zhu-arrested-in-singapore-airport-sentenced-four-months-in-prison/"},{"credibility":1,"name":"Fugitive founder of crypto hedge fund that lost $10 billion arrested in Singapore while attempting to flee - CNBC","type":"news_article","url":"https://www.cnbc.com/2023/09/29/fugitive-founder-of-3ac-crypto-hedge-fund-arrested-in-singapore.html"},{"credibility":1,"name":"Three Arrows Co-Founder Su Zhu Arrested After Tip-Off by Liquidators - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-10-09/singapore-tip-off-led-to-arrest-of-three-arrows-co-founder-zhu"},{"credibility":2,"name":"SEC, CFTC Probing Bankrupt Crypto Hedge Fund Three Arrows Capital: Report - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/10/17/sec-cftc-probing-bankrupt-crypto-hedge-fund-three-arrows-capital-report"}]},{"content":"In early 2023, Su Zhu and Kyle Davies partnered with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam to launch a new cryptocurrency exchange. A leaked pitch deck revealed the venture was initially named GTX — described as such because 'G comes after F,' a reference to the FTX collapse — before being renamed Open Exchange (OPNX). The platform launched in April 2023 and offered spot and futures trading, as well as a novel service allowing investors to trade bankruptcy claims from insolvent platforms such as FTX and Celsius. In August 2023, Dubai's Virtual Assets Regulatory Authority (VARA) fined OPNX AED 10 million ($2.7 million) for operating without the required regulatory licenses and for violations related to marketing, advertising, and promotions. Su Zhu and Kyle Davies each received individual sanctions of AED 200,000 ($54,451) from VARA. Major crypto firms including DRW denied implied associations with OPNX after the exchange incorrectly suggested their investment. OPNX announced it would shut down by February 14, 2024, with Kyle Davies citing the recovery of FTX bankruptcy claims as reducing the market opportunity.","heading":"GTX / OPNX Post-Collapse Exchange Venture","severity":"high","sources":[{"credibility":2,"name":"A Three Arrows Capital Founder Talks About His New Crypto Bankruptcy Exchange - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/03/24/a-three-arrows-capital-founder-talks-about-his-new-crypto-bankruptcy-exchange"},{"credibility":2,"name":"Dubai Reprimands Three Arrows Capital Founders Over New Exchange OPNX - Decrypt","type":"news_article","url":"https://decrypt.co/138581/dubai-reprimands-three-arrows-capital-founders-new-exchange-opnx"},{"credibility":1,"name":"Three Arrows Founders Zhu, Davies Fined by Dubai Over Crypto Project - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-08-16/dubai-fines-three-arrows-founders-over-new-opnx-crypto-project"},{"credibility":2,"name":"OPNX, the Exchange Built by Founders of Doomed Hedge Fund Three Arrows, Is Shutting Down - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/02/01/opnx-the-exchange-build-by-founders-of-doomed-hedge-fund-three-arrows-is-shutting-down"},{"credibility":2,"name":"Dubai slaps $2.7mn fine on Three Arrows Capital's crypto exchange OPNX - Arabian Business","type":"news_article","url":"https://www.arabianbusiness.com/industries/banking-finance/dubai-slaps-2-7mn-fine-on-three-arrows-capitals-crypto-exchange-opnx"},{"credibility":2,"name":"Major Crypto Firms Deny Investment in Three Arrows Founders' New Exchange - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/04/21/drw-says-its-not-an-opnx-investor-denying-opnxs-tweet-implying-otherwise"}]},{"content":"Bankruptcy filings revealed that 3AC co-founders Su Zhu and Kyle Davies had purchased a 171-foot (52-meter) superyacht named Much Wow — a reference to the Doge internet meme — using funds drawn directly from the company. The yacht was ordered from Italian shipbuilder Sanlorenzo. After 3AC's collapse, the purchase contract was terminated by Sanlorenzo and the vessel was put back on the market. Liquidators filed a $30 million claim in the Cayman Islands against Much Wow Ltd., a holding company, to recover the proceeds of the yacht's resale. The yacht was subsequently sold and later bore the name RMF.","heading":"Asset Misappropriation Allegations: Much Wow Superyacht","severity":"high","sources":[{"credibility":1,"name":"3AC bankruptcy filing reveals founders' missteps, $50M yacht, $3.5B owed to creditors - Fortune","type":"news_article","url":"https://fortune.com/2022/07/19/3ac-bankruptcy-filing-founders-missing-yacht-debt-creditors-owed/"},{"credibility":2,"name":"Three Arrows Liquidators Seize $35M, Seek $30M More for 'Much Wow' Superyacht - Decrypt","type":"news_article","url":"https://decrypt.co/116357/three-arrows-capital-liquidators-much-wow-superyacht"},{"credibility":1,"name":"Three Arrows Crypto Hedge Fund Liquidators Seek $30 Million From Superyacht Sale - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2022-12-02/three-arrows-crypto-hedge-fund-liquidators-seek-30-million-from-superyacht-sale"}]}],"sources_used":[{"credibility":2,"name":"Three Arrows Capital - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Three_Arrows_Capital"},{"credibility":1,"name":"How the fall of Three Arrows, or 3AC, dragged down crypto investors - CNBC","type":"news_article","url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"},{"credibility":1,"name":"How Crypto Hedge Fund Three Arrows Capital Fell Apart - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/features/2022-07-13/how-crypto-hedge-fund-three-arrows-capital-fell-apart-3ac"},{"credibility":2,"name":"Three Arrows Capital Confirms Heavy Losses From LUNA's Collapse - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/06/17/three-arrows-capital-confirms-heavy-losses-from-lunas-collapse-exploring-potential-options-report"},{"credibility":2,"name":"Bankrupt Three Arrows Capital Owes $3.5B to Creditors, Including $2.3B to Genesis - Decrypt","type":"news_article","url":"https://decrypt.co/105416/bankrupt-three-arrows-capital-owes-3-5b-to-creditors-including-2-3b-to-genesis"},{"credibility":2,"name":"Three Arrows Capital creditors lent bankrupt fund $3.5 billion - The Block","type":"court_filing","url":"https://www.theblock.co/post/158169/three-arrows-capital-3ac-creditors-list-3-5-billion-crypto-affidavits"},{"credibility":1,"name":"3AC bankruptcy filing reveals founders' missteps, $50M yacht, $3.5B owed to creditors - Fortune","type":"news_article","url":"https://fortune.com/2022/07/19/3ac-bankruptcy-filing-founders-missing-yacht-debt-creditors-owed/"},{"credibility":1,"name":"MAS issues Prohibition Orders against Three Arrows Capital's Zhu Su and Kyle Livingston Davies - MAS","type":"regulatory","url":"https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2023/mas-issues-prohibition-orders-against-three-arrows-capital-zhu-su-and-kyle-livingston-davies"},{"credibility":2,"name":"Three Arrows Founders Hit With 9-Year Trading Ban in Singapore - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/09/14/three-arrows-founders-hit-with-9-year-trading-ban-in-singapore"},{"credibility":1,"name":"Singapore's MAS Bans Crypto Hedge Fund Three Arrows' Su Zhu, Kyle Davies - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-09-14/singapore-bans-zhu-davies-over-crypto-hedge-fund-three-arrows"},{"credibility":1,"name":"Three Arrows Capital co-founder Zhu arrested in Singapore airport - TechCrunch","type":"news_article","url":"https://techcrunch.com/2023/09/29/three-arrows-capital-co-founder-zhu-arrested-in-singapore-airport-sentenced-four-months-in-prison/"},{"credibility":1,"name":"Fugitive founder of crypto hedge fund that lost $10 billion arrested in Singapore - CNBC","type":"news_article","url":"https://www.cnbc.com/2023/09/29/fugitive-founder-of-3ac-crypto-hedge-fund-arrested-in-singapore.html"},{"credibility":1,"name":"Three Arrows Co-Founder Su Zhu Arrested After Tip-Off by Liquidators - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-10-09/singapore-tip-off-led-to-arrest-of-three-arrows-co-founder-zhu"},{"credibility":2,"name":"Court Freezes $1 Billion of Assets of Three Arrows Capital Founders - CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/12/21/court-freezes-1-billion-of-assets-of-three-arrows-capital-founders"},{"credibility":2,"name":"SEC, CFTC Probing Bankrupt Crypto Hedge Fund Three Arrows Capital - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/10/17/sec-cftc-probing-bankrupt-crypto-hedge-fund-three-arrows-capital-report"},{"credibility":1,"name":"Three Arrows Founders Zhu, Davies Fined by Dubai Over Crypto Project - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2023-08-16/dubai-fines-three-arrows-founders-over-new-opnx-crypto-project"},{"credibility":2,"name":"Dubai slaps $2.7mn fine on Three Arrows Capital's crypto exchange OPNX - Arabian Business","type":"news_article","url":"https://www.arabianbusiness.com/industries/banking-finance/dubai-slaps-2-7mn-fine-on-three-arrows-capitals-crypto-exchange-opnx"},{"credibility":2,"name":"OPNX, the Exchange Built by Founders of Doomed Hedge Fund Three Arrows, Is Shutting Down - CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/02/01/opnx-the-exchange-build-by-founders-of-doomed-hedge-fund-three-arrows-is-shutting-down"},{"credibility":2,"name":"Three Arrows Liquidators Seize $35M, Seek $30M More for 'Much Wow' Superyacht - Decrypt","type":"news_article","url":"https://decrypt.co/116357/three-arrows-capital-liquidators-much-wow-superyacht"},{"credibility":1,"name":"Three Arrows Crypto Hedge Fund Liquidators Seek $30 Million From Superyacht Sale - Bloomberg","type":"news_article","url":"https://www.bloomberg.com/news/articles/2022-12-02/three-arrows-crypto-hedge-fund-liquidators-seek-30-million-from-superyacht-sale"},{"credibility":2,"name":"DCG losses top $1B on the back of 3AC collapse in 2022 - CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/dcg-losses-top-1b-on-the-back-of-3ac-collapse-in-2022"}],"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.","timeline":[{"date":"2012-01-01","event":"Three Arrows Capital founded by Su Zhu and Kyle Davies in San Francisco with approximately $1 million in seed capital.","source":"Wikipedia / CoinTelegraph","source_url":"https://en.wikipedia.org/wiki/Three_Arrows_Capital"},{"date":"2013-01-01","event":"3AC re-registered in Singapore.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/Three_Arrows_Capital"},{"date":"2022-02-01","event":"3AC invests over $200 million in LUNA tokens as part of the Luna Foundation Guard's $1 billion capital raise.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/06/17/three-arrows-capital-confirms-heavy-losses-from-lunas-collapse-exploring-potential-options-report"},{"date":"2022-03-01","event":"3AC assets under management estimated at approximately $10 billion, near peak.","source":"CNBC","source_url":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html"},{"date":"2022-05-09","event":"TerraUSD (UST) loses its dollar peg; LUNA collapses from ~$80 to near zero within days, devastating 3AC's portfolio.","source":"CryptoSlate","source_url":"https://cryptoslate.com/the-downfall-of-three-arrows-capital-3ac-what-went-wrong/"},{"date":"2022-06-15","event":"3AC gives a cryptic non-answer when asked by Fortune about potential insolvency amid market speculation.","source":"Fortune","source_url":"https://fortune.com/2022/06/15/crypto-3ac-three-arrows-capital-hedge-fund-insolvency-margin-call-bankruptcy-collapse-celsius/"},{"date":"2022-06-27","event":"A British Virgin Islands court orders Three Arrows Capital into liquidation. Teneo appointed as liquidator.","source":"The Block / Decrypt","source_url":"https://decrypt.co/105416/bankrupt-three-arrows-capital-owes-3-5b-to-creditors-including-2-3b-to-genesis"},{"date":"2022-07-01","event":"3AC files for Chapter 15 bankruptcy in the United States.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/Three_Arrows_Capital"},{"date":"2022-07-19","event":"Bankruptcy filings reveal 3AC owes $3.5 billion to 27 creditors; Much Wow superyacht purchase from company funds disclosed.","source":"Fortune","source_url":"https://fortune.com/2022/07/19/3ac-bankruptcy-filing-founders-missing-yacht-debt-creditors-owed/"},{"date":"2022-07-22","event":"Su Zhu and Kyle Davies speak to Bloomberg and break silence after weeks of inaccessibility, with reports they were looking to move to Dubai.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/22/three-arrows-capital-founders-break-their-silence-look-to-move-to-dubai-report"},{"date":"2022-10-17","event":"Reports emerge that the SEC and CFTC are probing 3AC for alleged investor deception and failure to register with U.S. agencies.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/10/17/sec-cftc-probing-bankrupt-crypto-hedge-fund-three-arrows-capital-report"},{"date":"2022-12-02","event":"Liquidators seize $35.6 million in cash from 3AC Singaporean bank accounts and file $30 million claim over Much Wow superyacht.","source":"CoinDesk / Decrypt","source_url":"https://www.coindesk.com/business/2022/12/02/three-arrows-capital-liquidators-seize-356m-from-singaporean-banks"},{"date":"2023-01-01","event":"Leaked pitch deck reveals Zhu, Davies, and CoinFLEX founders planning a new bankruptcy claims exchange initially named GTX.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2023/03/09/three-arrows-founders-bankruptcy-exchange-to-offer-claims-as-portfolio-margin"},{"date":"2023-04-01","event":"OPNX (Open Exchange) launches, offering spot, futures, and bankruptcy claims trading.","source":"Decrypt","source_url":"https://decrypt.co/138581/dubai-reprimands-three-arrows-capital-founders-new-exchange-opnx"},{"date":"2023-08-16","event":"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.","source":"Bloomberg / Arabian Business","source_url":"https://www.bloomberg.com/news/articles/2023-08-16/dubai-fines-three-arrows-founders-over-new-opnx-crypto-project"},{"date":"2023-09-13","event":"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.","source":"MAS Official / CoinDesk","source_url":"https://www.mas.gov.sg/regulation/enforcement/enforcement-actions/2023/mas-issues-prohibition-orders-against-three-arrows-capital-zhu-su-and-kyle-livingston-davies"},{"date":"2023-09-29","event":"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.","source":"TechCrunch / Bloomberg / CNBC","source_url":"https://techcrunch.com/2023/09/29/three-arrows-capital-co-founder-zhu-arrested-in-singapore-airport-sentenced-four-months-in-prison/"},{"date":"2023-11-01","event":"Su Zhu transitions from prison to home detention.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/three-arrows-capital-su-zhu-enjoyed-best-sleep-in-prison"},{"date":"2023-12-20","event":"Su Zhu's prison sentence ends.","source":"SCMP / CoinTelegraph","source_url":"https://www.scmp.com/tech/tech-trends/article/3249779/after-disgraced-crypto-entrepreneurs-enjoyable-singapore-prison-experience-focus-turns-exchange-hong"},{"date":"2023-12-21","event":"BVI court freezes over $1 billion in assets belonging to Su Zhu, Kyle Davies, and Davies' wife Kelly Chen.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2023/12/21/court-freezes-1-billion-of-assets-of-three-arrows-capital-founders"},{"date":"2024-02-14","event":"OPNX ceases all operations and shuts down.","source":"CoinDesk / Decrypt","source_url":"https://www.coindesk.com/business/2024/02/01/opnx-the-exchange-build-by-founders-of-doomed-hedge-fund-three-arrows-is-shutting-down"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision b3f58e08-2677-483f-a95c-786cff727365copy