Verify a decision

{"actor":"system:backfill","investigation_id":"445062c7-b9c9-4bd0-af17-f0151a807c1c","kind":"publish","page_slug":"su-zhu","published_at":"2026-05-30T18:33:31.985Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Su Zhu","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://en.wikipedia.org/wiki/Su_Zhu_(businessman)","type":"other","url":""},{"credibility":3,"name":"https://www.efinancialcareers.com/news/2021/05/ex-traders-crypto-billionaires","type":"other","url":""},{"credibility":3,"name":"https://fortune.com/2022/07/22/three-arrows-capital-disgraced-founders-emerge-5-weeks-hiding-tell-story-crypto-fund-collapse/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.cnbc.com/2022/06/29/crypto-hedge-fund-three-arrows-capital-plunges-into-liquidation.html","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/business/2022/06/29/three-arrows-capital-liquidation-ordered-in-british-virgin-isles-report","type":"other","url":""},{"credibility":3,"name":"https://fortune.com/2022/07/19/3ac-bankruptcy-filing-founders-missing-yacht-debt-creditors-owed/","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/business/2022/07/22/three-arrows-capital-founders-says-terra-gbtc-trades-led-to-fund-blowup-report","type":"other","url":""},{"credibility":3,"name":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://en.wikipedia.org/wiki/Three_Arrows_Capital","type":"other","url":""},{"credibility":3,"name":"https://www.cnbc.com/2022/07/11/how-the-fall-of-three-arrows-or-3ac-dragged-down-crypto-investors.html","type":"other","url":""},{"credibility":3,"name":"https://finance.yahoo.com/news/three-arrows-capital-liquidators-seek-153111448.html","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/policy/2023/09/14/three-arrows-founders-hit-with-9-year-trading-ban-in-singapore","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/singapore-central-bank-bans-three-arrows-capital-founders","type":"other","url":""},{"credibility":3,"name":"https://www.bloomberg.com/news/articles/2023-09-14/singapore-bans-zhu-davies-over-crypto-hedge-fund-three-arrows","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/policy/2023/09/29/bankrupt-crypto-hedge-fund-3acs-su-zhu-apprehended-in-singapore-liquidator-says","type":"other","url":""},{"credibility":3,"name":"https://www.cnbc.com/2023/09/29/fugitive-founder-of-3ac-crypto-hedge-fund-arrested-in-singapore.html","type":"other","url":""},{"credibility":3,"name":"https://techcrunch.com/2023/09/29/three-arrows-capital-co-founder-zhu-arrested-in-singapore-airport-sentenced-four-months-in-prison/","type":"other","url":""},{"credibility":3,"name":"https://www.bloomberg.com/news/articles/2023-10-09/singapore-tip-off-led-to-arrest-of-three-arrows-co-founder-zhu","type":"other","url":""},{"credibility":3,"name":"https://www.bloomberg.com/news/articles/2023-12-13/liquidators-question-three-arrows-su-zhu-in-singapore-court-to-find-assets","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2023/12/21/court-freezes-1-billion-of-assets-of-three-arrows-capital-founders","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2023/04/05/bankruptcy-exchange-opnx-stumbles-out-of-the-gate-flex-token-slumps-28","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2023/08/16/3ac-founders-opnx-fined-nearly-28m-by-dubai-crypto-regulator","type":"other","url":""},{"credibility":3,"name":"https://www.arabianbusiness.com/industries/banking-finance/dubai-slaps-2-7mn-fine-on-three-arrows-capitals-crypto-exchange-opnx","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/markets/2024/02/02/opnx-founder-su-zhu-says-shutdown-comes-because-ftx-estate-claims-reached-recovery","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/215346/opnx-the-crypto-exchange-from-bankrupt-three-arrows-capital-is-shutting-down","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.theblock.co/post/342889/su-zhu-backed-ox-fun-dismisses-insolvency-claims-amid-jefedao-feud","type":"other","url":""},{"credibility":3,"name":"https://news.bitcoinprotocol.org/crypto-exchange-ox-fun-attempts-to-extort-user-for-1-million-faces-collapse-and-controversy/","type":"other","url":""},{"credibility":3,"name":"https://www.bloomberg.com/news/articles/2024-08-12/three-arrows-liquidators-seek-1-3-billion-over-2022-luna-crash","type":"other","url":""},{"credibility":3,"name":"https://en.wikipedia.org/wiki/Su_Zhu_(businessman)","type":"other","url":""}]}],"sources_used":[],"summary":"Su Zhu is the co-founder and former CEO of Three Arrows Capital (3AC), a Singapore-based cryptocurrency hedge fund that collapsed in June 2022 with approximately $3.5 billion owed to 27 creditors, triggering cascading bankruptcies at Voyager Digital, Celsius Network, and Genesis Global Trading. Zhu was convicted of contempt of court for failing to cooperate with liquidators, arrested at Singapore's Changi Airport in September 2023 while allegedly attempting to flee, and sentenced to four months in prison. Following his release he became involved in additional ventures including OPNX, a bankruptcy-claims trading exchange that was fined $2.7 million by Dubai's Virtual Assets Regulatory Authority and subsequently shut down in February 2024.","timeline":[{"date":"2012-01-01","event":"Su Zhu and Kyle Davies co-found Three Arrows Capital in San Francisco with approximately $1 million borrowed from their parents.","source":""},{"date":"2013-01-01","event":"Three Arrows Capital re-registers in Singapore for tax purposes.","source":""},{"date":"2022-02-01","event":"3AC invests approximately $200 million in LUNA as part of the Luna Foundation Guard's $1 billion capital raise.","source":""},{"date":"2022-03-01","event":"Three Arrows Capital reaches peak reported assets under management of approximately $10 billion.","source":""},{"date":"2022-05-12","event":"Terra/LUNA ecosystem collapses; LUNA price falls from approximately $80 to near zero, causing catastrophic losses for 3AC.","source":""},{"date":"2022-06-16","event":"3AC fails to meet margin calls from multiple lenders.","source":""},{"date":"2022-06-22","event":"3AC defaults on a $665 million loan from Voyager Digital.","source":""},{"date":"2022-06-27","event":"A British Virgin Islands court orders Three Arrows Capital into liquidation. Teneo Restructuring is appointed as liquidator.","source":""},{"date":"2022-07-02","event":"3AC files for Chapter 15 bankruptcy in the United States to protect US assets from creditors. Court filings reveal $3.5 billion owed to 27 creditors.","source":""},{"date":"2022-07-12","event":"Founders Zhu and Davies are reported missing, having ignored creditor outreach and liquidator contact attempts.","source":""},{"date":"2022-07-22","event":"Zhu and Davies give a media interview from an undisclosed location, describing the fund's collapse as caused by LUNA and GBTC trades.","source":""},{"date":"2023-04-01","event":"Zhu and Davies launch OPNX, a bankruptcy claims trading exchange, while 3AC liquidation proceedings remain active.","source":""},{"date":"2023-05-01","event":"Dubai's VARA formally reprimands OPNX and its founders for soliciting customers without proper authorization.","source":""},{"date":"2023-08-16","event":"VARA fines OPNX AED 10 million (~$2.7 million) for violating advertising and marketing regulations; individual fines imposed on Zhu and other founders.","source":""},{"date":"2023-09-13","event":"Singapore's MAS issues nine-year prohibition orders against Zhu and Davies barring them from managing or directing any capital markets services firm in Singapore.","source":""},{"date":"2023-09-29","event":"Su Zhu is arrested at Singapore's Changi Airport while allegedly attempting to leave the country, pursuant to a committal order for contempt of court. Sentenced to four months in prison.","source":""},{"date":"2023-12-13","event":"Su Zhu appears in Singapore court for a two-day hearing, facing questioning from Teneo lawyers about the fund's collapse and asset locations.","source":""},{"date":"2023-12-21","event":"A BVI court freezes more than $1 billion in assets belonging to Zhu, Davies, and Davies' wife Kelly Chen.","source":""},{"date":"2024-02-14","event":"OPNX ceases all operations.","source":""},{"date":"2024-02-01","event":"OX.FUN launches as a successor meme coin perpetual futures exchange, with Su Zhu listed as an advisor/backer.","source":""},{"date":"2024-08-12","event":"3AC liquidators file a $1.3 billion lawsuit against Terraform Labs over the LUNA/UST collapse that contributed to 3AC's failure.","source":""}]},"v":1}