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Asia Express poses new danger as 3AC fugitives struggle to regroup

Asia Express poses new danger as 3AC fugitives struggle to regroup

3AC, the defunct Singaporean hedge fund that managed over $10 billion in digital assets before collapsing last year, is facing backlash from creditors. Co-founder Su Zhu was apprehended at Singapore’s Changi International Airport while attempting to flee the country. Singaporean courts had issued an arrest warrant for Zhu after he failed to comply with a court order to cooperate with the liquidator’s investigations. Zhu was sentenced to four months in prison for the breach. The liquidators will seek to engage with him during his imprisonment to recover assets belonging to 3AC. Co-founder Kyle Davies was also sentenced to four months imprisonment for contempt of court, but his whereabouts are unknown. The Monetary Authority of Singapore has barred both Zhu and Davies from conducting enterprise investment activity in the city-state for nine years due to regulatory violations. 3AC filed for bankruptcy in July 2022 after failed leveraged trades on the Terra ecosystem left the hedge fund empty of assets and creditors with over $3.5 billion in claims. The bankruptcy also led to the bankruptcy of 3AC’s counterparties. Zhu and Davies had embarked on alternative ventures after the collapse of 3AC, including opening a restaurant and converting Zhu’s luxury property into an eco-farm. In January, Zhu and Davies launched the novel exchange OPNX, which allows trading of bankruptcy claims on fallen crypto companies. However, news of Zhu’s arrest and Davies’ indictment caused the Open Exchange Token to fall nearly 60% in a single day. OPNX’s claims dashboard remains dysfunctional, and the executives were fined by Dubai’s Virtual Asset Regulatory Authority for running OPNX as an unlicensed exchange. Creditors are focused on recovering 3AC’s assets and maximizing returns for creditors, including former 3AC assets used to create new entities. The liquidator has already recovered several nonfungible tokens owned by 3AC and auctioned them for $13.4 million. The proceedings are ongoing.

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