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{"actor":"system:backfill","investigation_id":"bcfdb126-f25c-4f71-a65e-949cbeb8ae41","kind":"publish","page_slug":"kyle-davies","published_at":"2026-05-30T19:10:37.959Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Kyle Davies","sections":[{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://en.wikipedia.org/wiki/Three_Arrows_Capital","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/profile/348658/kyle-davies","type":"other","url":""},{"credibility":3,"name":"https://golden.com/wiki/Kyle_Davies-ZYMYNRM","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://decrypt.co/105416/bankrupt-three-arrows-capital-owes-3-5b-to-creditors-including-2-3b-to-genesis","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.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://www.theblock.co/post/158169/three-arrows-capital-3ac-creditors-list-3-5-billion-crypto-affidavits","type":"other","url":""},{"credibility":3,"name":"https://fortune.com/2022/06/17/three-arrows-capital-200-million-loss-luna-terra-crypto-hedge-fund/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/policy/2023/03/30/three-arrows-capitals-kyle-davies-ordered-to-respond-to-subpoena-within-2-weeks","type":"other","url":""},{"credibility":3,"name":"https://cointelegraph.com/news/3ac-liquidators-file-motion-hold-kyle-davies-in-contempt","type":"other","url":""},{"credibility":3,"name":"https://www.bloomberg.com/news/articles/2023-08-11/kyle-davies-of-crypto-hedge-fund-3ac-beats-fine-over-twitter-subpoena","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":""},{"credibility":3,"name":"https://coingeek.com/3ac-founder-kyle-davies-tells-court-he-has-renounced-us-citizenship/","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/150890/three-arrows-capital-co-founder-kyle-davies-rejects-us-court-jurisdiction","type":"other","url":""},{"credibility":3,"name":"https://news.bitcoin.com/subpoena-evasion-3ac-asks-court-to-fine-kyle-davies-10000-daily-for-non-compliance/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"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.dlnews.com/articles/people-culture/3ac-co-founder-su-zhu-jailed-four-months-singapore/","type":"other","url":""},{"credibility":3,"name":"https://www.blockhead.co/2024/03/20/kyle-davies-not-keen-on-singapore-jail-despite-3ac-co-founder-su-zhus-enjoyable-experience/","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2024/03/20/3ac-co-founder-kyle-davies-says-he-wont-apologize-for-crypto-hedge-fund-going-bankrupt","type":"other","url":""},{"credibility":3,"name":"https://www.ccn.com/news/three-arrows-zhu-arrested-davies-fugitive/","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://decrypt.co/156666/3acs-zhu-su-kyle-davies-slapped-with-9-year-finance-ban-by-singapore-monetary-authority","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":""},{"credibility":3,"name":"https://fintechnews.sg/78202/fintech/mas-slaps-9-year-ban-on-three-arrows-founders-for-flagrant-disregard-of-rules/","type":"other","url":""},{"credibility":3,"name":"https://www.theblock.co/post/250928/singapore-regulator-issues-bans-against-three-arrows-capital-founders","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://www.coindesk.com/business/2023/03/24/a-three-arrows-capital-founder-talks-about-his-new-crypto-bankruptcy-exchange","type":"other","url":""},{"credibility":3,"name":"https://decrypt.co/138581/dubai-reprimands-three-arrows-capital-founders-new-exchange-opnx","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2023/05/02/3ac-founders-opnx-exchange-formally-reprimanded-by-dubai-crypto-regulator","type":"other","url":""},{"credibility":3,"name":"https://crypto.news/another-failed-crypto-venture-by-su-zhu-and-kyle-davies-opnx-is-shutting-down/","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://cointelegraph.com/news/kyle-davies-donate-future-opnx-earnings-3ac-creditors","type":"other","url":""},{"credibility":3,"name":"https://protos.com/zhu-su-and-kyle-davies-exchange-opnx-is-failing/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"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":""},{"credibility":3,"name":"https://www.theblock.co/post/268758/bvi-court-freezes-three-arrows-capital-founders-1-billion-in-assets","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://www.caproasia.com/2025/05/28/collapsed-3-billion-crypto-hedge-fund-three-arrows-capital-co-founder-kyle-davies-wife-kelly-chan-to-sell-singapore-bungalow-at-peirce-hill-for-28-7-million-s37-million-bvi-court-issued-order-in/","type":"other","url":""},{"credibility":3,"name":"https://www.bnnbloomberg.ca/business/international/2024/11/02/disgraced-three-arrows-founders-wife-sells-38-million-singapore-mansion/","type":"other","url":""}]},{"content":"","heading":"","severity":"medium","sources":[{"credibility":3,"name":"https://cryptopotato.com/kyle-davies-says-he-is-unapologetic-about-the-collapse-of-three-arrows-capital-3ac/","type":"other","url":""},{"credibility":3,"name":"https://unchainedcrypto.com/3acs-kyle-davies-on-why-hes-cryptos-lloyd-blankfein-and-why-hes-not-sorry/","type":"other","url":""},{"credibility":3,"name":"https://protos.com/kyle-davies-not-sorry-for-actions-intends-to-avoid-prison/","type":"other","url":""},{"credibility":3,"name":"https://247wallst.com/investing/2023/02/08/3ac-founder-kyle-davies-dodged-subpoenas-shamelessly-promoting-new-venture-filing/","type":"other","url":""},{"credibility":3,"name":"https://www.coindesk.com/policy/2024/03/20/3ac-co-founder-kyle-davies-says-he-wont-apologize-for-crypto-hedge-fund-going-bankrupt","type":"other","url":""}]}],"sources_used":[],"summary":"Kyle Davies is the co-founder of Three Arrows Capital (3AC), a Singapore-based cryptocurrency hedge fund that collapsed in June 2022 with approximately $3.5 billion in liabilities owed to 27 creditors. Following the collapse, Davies evaded liquidators, was sentenced in absentia to four months imprisonment in Singapore for failing to cooperate with court-ordered investigations, and received a nine-year ban from Singapore's Monetary Authority of Singapore (MAS) for regulatory violations including providing false information to regulators. He subsequently co-founded OPNX, a crypto bankruptcy claims exchange that also failed and shut down in early 2024.","timeline":[{"date":"2012-01-01","event":"Kyle Davies and Su Zhu co-found Three Arrows Capital in Singapore after leaving Credit Suisse.","source":""},{"date":"2022-02-01","event":"3AC acquires approximately $190 million in LUNA tokens as part of a $1 billion Luna Foundation Guard raise.","source":""},{"date":"2022-05-12","event":"Terra/LUNA ecosystem collapses; 3AC's LUNA holdings, worth approximately $462 million in late April, fall to near zero.","source":""},{"date":"2022-06-16","event":"3AC fails margin calls with multiple lenders; collapse becomes publicly known.","source":""},{"date":"2022-06-27","event":"BVI court orders liquidation of Three Arrows Capital. Teneo appointed as liquidator.","source":""},{"date":"2022-07-02","event":"Three Arrows Capital files for Chapter 15 bankruptcy protection in the United States. Court filings confirm $3.5 billion owed to 27 creditors.","source":""},{"date":"2022-07-22","event":"Davies and Zhu break public silence in interview, reportedly planning to move to the UAE. Their exact location remains undisclosed.","source":""},{"date":"2023-01-01","event":"3AC liquidators issue subpoena to Kyle Davies via Twitter in New York bankruptcy court, seeking company records and wallet credentials.","source":""},{"date":"2023-03-30","event":"Judge Martin Glenn orders Davies to comply with subpoena by April 13. Davies does not respond.","source":""},{"date":"2023-04-01","event":"OPNX (Open Exchange), co-founded by Davies and Zhu, launches in Dubai.","source":""},{"date":"2023-05-02","event":"Dubai's VARA formally reprimands OPNX founders including Davies for illegally promoting the exchange in the emirate.","source":""},{"date":"2023-06-15","event":"3AC liquidators file motion to hold Davies in contempt of court, seeking a $10,000 per day fine.","source":""},{"date":"2023-08-11","event":"Judge Glenn rules Davies was not properly served via Twitter subpoena because he renounced U.S. citizenship in late 2020. Contempt fine not imposed.","source":""},{"date":"2023-08-01","event":"VARA fines OPNX approximately $2.7 million for violating market conduct rules.","source":""},{"date":"2023-09-13","event":"MAS issues 9-year prohibition orders against Kyle Davies and Su Zhu, barring them from regulated financial activities in Singapore and citing false information provided to regulators.","source":""},{"date":"2023-09-29","event":"Su Zhu is arrested at Singapore's Changi Airport. Committal order also issued against Davies in absentia for four months imprisonment. Davies remains at large.","source":""},{"date":"2023-12-18","event":"BVI court issues worldwide freezing order on up to $1.1 billion in assets belonging to Davies, Zhu, and Davies' wife Kelly Chen.","source":""},{"date":"2024-02-07","event":"OPNX shuts down, advising customers to withdraw all assets by February 14, 2024.","source":""},{"date":"2024-03-20","event":"Davies gives Unchained Podcast interview stating he is unapologetic about 3AC's collapse, comparing himself to Goldman Sachs CEO Lloyd Blankfein.","source":""},{"date":"2024-08-12","event":"3AC liquidators file $1.3 billion claim against TerraForm Labs, alleging market manipulation led 3AC to purchase LUNA at artificially inflated prices.","source":""},{"date":"2025-05-28","event":"Davies' wife Kelly Chen sells Singapore bungalow at Peirce Hill for S$37 million (approximately USD $28.7 million), amid ongoing BVI asset freeze proceedings.","source":""}]},"v":1}