According to Bloomberg on Wednesday, Su Zhu, a co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), was questioned for the first time in a Singaporean court as liquidators looked for information to help them recover assets.
According to people familiar with the situation who spoke with Bloomberg, Zhu was obliged to provide information about the fund’s failure and the location of its assets in response to liquidator Teneo’s attorneys during the two-day court session. The report stated that because the proceedings were private, the individuals wished to remain anonymous.
After Zhu failed to assist in closing down 3AC and was arrested in September, the questioning was authorised. According to Bloomberg, Zhu, who was imprisoned for four months, is anticipated to be released this month due to good behaviour.
In July of last year, Three Arrows Capital, which had suffered losses following the demise of stablecoin issuer Terra, filed for Chapter 15 bankruptcy. It was reported in June that the co-founders of the bankrupt fund were the target of a $1.3 billion demand made by liquidators.