su zhu three arrows capital net worth su zhu three arrows capital net worth

Su Zhu is the Co-Founder and Chief Investment Officer (CIO)of Three Arrows Capital, a global macro hedge fund. Rather than back down, a few days later Davies threatened to boycott Blockchain.com if it called back 3ACs loans. Zhu complained to acquaintances about the low caliber of his banking colleagues and a bloated culture that allowed people to lose the firms money on a trade with little consequence; in his view, the best talent had already decamped for hedge funds or struck out on their own. Neither says the word supercycle, but the reference is clear enough. Before June 14, which was the last day Su Zhu tweeted, the co-founder of Three Arrows Capital Ltd. (3AC) was very active on Twitter. By the spring of 2021, GBTC had fallen below the value of its bitcoins, and Three Arrows was now losing on what was likely its biggest trade. The thing about outsized voices is they usually dont last very long if theyre used too much, Davies said. [37], Genesis Trading's CEO Michael Moro announced on Twitter that Genesis Trading had incurred substantial losses from loans to Three Arrows and that its parent firm Digital Currency Group has assumed certain liabilities of Genesis related to Three Arrows to ensure adequate operating capital. He's proud of having called the bottom of the yearlong "crypto winter". Things you buy through our links may earn Vox Media a commission. The couple also owns another home at the Goodwood Grand on Balmoral Road, worth S$6.25 million. [36] The firm's CEO, Stephen Ehrlich, attributed the decision in part due to Three Arrows' inability to pay back its loan from Voyager. The Key Moments From Alex Murdaughs Testimony and Murder Trial. One portion of 3AC's wealth was tied up in Grayscale Bitcoin Trust, where the firm had a 5.6 percent stake as of January 2021. Three Arrows Capital (3AC) co-founder Su Zhu and the wife of co-founder Kyle Davies are both among creditors that lent money to the collapsed hedge fund. Zhu, 34, is the co-founder and CEO of Singapore-based hedge fund Three Arrows Capital Ltd. After the jury found Murdaugh guilty of murdering his wife and son, he was given two consecutive life sentences. The affidavit, along with others from liquidator Russel Crumpler, and some of 3ACs largest creditors were. They had desks next to each other until Zhu was laid off in the financial crisis, landing at a high-frequency trading shop in Singapore called Flow Traders. Zhu and Davies are two ambitious young men, by all descriptions exceedingly smart, who appeared to understand the structural opportunity of digital currency rather well: that crypto is a game of creating virtual fortunes out of thin air and convincing other humans with traditional forms of money that those virtual fortunes deserve to be real-world ones. But the court documents reveal creditors stopped hearing from Three Arrows in the weeks leading up to the filing. By mid-July, creditors had come forward with more than $2.8 billion in claims; the figure is expected to balloon from there. The crash generated headlines around the world as the overall value of the crypto markets made its way below $1 trillion from a peak of $3 trillion in late 2021. The Crypto Billionaire is in early talks to buy S$49m or $36 million worth GCB. He excelled at it, rising to the top percentile of moneymakers at Flow. Just as the firm reaped the rewards when there was a premium, it felt the pain when GBTC began trading at a discount to bitcoin. United States District Court for the Northern District of California, "Crypto hedge fund Three Arrows Capital plunges into liquidation", "Crypto Hedge Fund Three Arrows Files For Chapter 15 Bankruptcy", "Singapore-based crypto hedge fund's cryptic tweet fuels speculation over losses", "Battered Crypto Hedge Fund Three Arrows Capital Considers Asset Sales, Bailout", "Ethereum ($ETH), Not Bitcoin ($BTC), Favorite for These Crypto Whales", "Three Arrows Liquidators Seize $40 Million as Asset Probe Widens", "Founders of $10 Billion Crypto Hedge Fund Have 'Ghosted' After Bets Go Bad", "The Crypto Geniuses Who Vaporized a Trillion Dollars", "Cryptocurrency 'bloodbath' threatens multibillion-dollar hedge fund", "Crypto Hedge Fund's Tweet Fuels Speculation Over Losses", "Silicon Valley bets on crypto projects to disrupt finance", "Three Arrows Capital's Zhu Su speaks out after $400 million liquidation due to Celsius and Terra's LUNA fiasco", "Three Arrows Capital Invests In Worldcoin", "Three Arrows Capital Invests In BlockFi After Its Series B Round", "WOO Network raises $30M Series A from Three Arrows Capital, PSP Soteria Ventures, Gate Ventures, QCP Capital, Crypto.com Capital, and others", "A major crypto hedge fund is wobbling as $10 billion Three Arrows Capital sees a spate of liquidations", "What Happened to TerraUSD's Bitcoin Reserves", "Some investors got rich before a popular stablecoin imploded, erasing $60 billion in value", "Three Arrows Capital Moving Headquarters to Dubai From Singapore", "Dubai regulator says 3AC does not have a license to operate in the emirate", "Why cryptocurrencies have gone from the next hot thing to a full-on meltdown", "Terraform Again Halts Blockchain Behind UST Stablecoin, Luna", "YCharts GBTC Discount or Premium to NAV", "Patterson v. TerraForm Labs Pte Ltd. et al", "MAS Reprimands Three Arrows Capital for Providing False Information and Exceeding Assets Under Management Threshold", "US Regulators Probing Bankrupt Crypto Hedge Fund Three Arrows Capital", "Crypto hedge fund Three Arrows fails to meet lender margin calls", "Crypto Broker Voyager Digital Says Three Arrows Capital Hasn't Repaid $666 Million in Loans", "Crypto hedge fund Three Arrows Capital in default on $665 million loan", "Crypto Hedge Fund Three Arrows Ordered by Court to Liquidate", "Three Arrows liquidators asks U.S. court to force crypto founders to cooperate", "Crypto hedge fund Three Arrows files for bankruptcy", "Crypto Crash Leaves NWSL Players Empty-Handed as League Mulls Cash Payout", "Cryptocurrency broker Voyager Digital files for bankruptcy protection", "Crypto hedge fund's collapse leaves behind angry lenders and a $150 million "Much Wow" yacht", "Three Arrows Founders' Whereabouts Are Unknown, Foiling Liquidators", "3AC-BVI-Liquidation-Recognition-1st-Affidavit-of-Russell-Crumpler-Filed", "Three Arrows Founders Break Silence Over Collapse of Crypto Hedge Fund", https://en.wikipedia.org/w/index.php?title=Three_Arrows_Capital&oldid=1142176472, Singaporean companies established in 2012, Financial services companies established in 2012, Companies that filed for Chapter 11 bankruptcy in 2022, Pages containing links to subscription-only content, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 28 February 2023, at 23:07. when Teneo, the company overseeing the hedge funds liquidation, shared more than 1,000 pages worth of court documents online. FTX founder and CEO Sam Bankman-Fried blamed the company for causing a ripple effect that caused bankruptcy of other crypto firms or lead those firms to freeze assets during the 2022 cryptocurrency crash. We have been long crypto for a while, Davies said. Su Zhu and Kyle Davies, both 35, first became friends in high school. After that, he and Zhu stopped answering their lenders, partners, and friends. Source: Twitter/@zhusu . Pretty much everyone in that world, from the millions of small-scale crypto holders to industry employees and investors, has watched in shock and dismay as Three Arrows Capital, once perhaps the most highly regarded investment fund in a burgeoning global financial sector, collapsed in excruciating and embarrassing fashion. You dont have to follow the despair.. Some sources report that he still has a large amount of money tied up in his own personal investments and assets, while others assume that with the liquidation of Three Arrows Capital all of his funds were lost. If you prefer to read in print, you can also find this article in the August 15, 2022, issue of People who had thought of Zhu and Davies as close friends, and had lent them money even $200,000 or more just weeks earlier without hearing any mention of distress at the fund, felt outraged and betrayed. Prior to the fund getting liquididated, SuZhu had an estimated net worth of $1 billion based on his crypto fund and other investments in high-end Real Estate in Singapore. Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Three Arrows position was so large that it effectively began to tank the broader crypto markets: All the scrambling to sell and meet margin calls, by 3AC itself and other panicky investors, in turn pushed prices down lower, creating a vicious cycle. Privacy Policy and Verified account Protected Tweets @; Suggested users In practice, though, this kind of financial mess tends to create a whole lot of selling by everyone involved to raise cash in an effort to stay solvent. And then he got a bachelor degree of arts at Columbia University in the City of New York. Three Arrows Capital was created in 2012 by Su Zhu and Kyle Davies, and it is known for its bullish moves on crypto. What is Zhu Su's net worth in 2022? The true scale of the losses may never be known; for many of the crypto start-ups that parked their money with the firm, disclosing that relationship publicly is to risk increased scrutiny from both their investors and government regulators. Subscribe now Three Arrows, it turned out, was attempting to flip a portion of its investment at a steep markup, essentially netting the fund an enormous kickback. It was against this backdrop that Three Arrows switched its focus to crypto, starting to invest at such an opportune time that Zhu was often credited (which is to say, he took credit) for calling the bottom of the cycle. A few hours later, Odell informed Zhao that it would need to call back a significant portion of its $270 million loan and would take payment in dollars or stablecoins. Zhu and Davies are currently believed to be in hiding, Do Not Sell or Share My Personal Information. The Joint Liquidators are Russell Crumpler and Christopher Farmer, both Senior Managing Directors of Teneo. "Bloomberg Opinion" columnists offer their opinions on issues in the news. This was after a British Virgin Islands court ordered for the company's . Following the sharp sell-off in the crypto world that wiped billions of dollars from the market, Zhu Su's hedge fund Three Arrows Capital appears to have run into a host of liquidity problems. We firmly believe they committed fraud. Crypto hedge fund Three Arrows Capital (3AC) has filed for Chapter 15 bankruptcy in New York, according to a report in Bloomberg. Davies and Zhu attended high school together, then studied at Columbia University in New York before joining Credit Suisse as derivatives traders in Tokyo. The pair soon headed for Singapore, which has no capital-gains tax, and by 2013, theyd registered the fund there with plans to relinquish their U.S. passports and become citizens. In an interview with Bloomberg held at an "undisclosed location" in July 2022 Zhu and Davies remarked that they plan to move to the United Arab Emirates,[42] a country that does not have extradition agreements with either Singapore or the United States. Three Arrows Capital is a Singapore-based hedge fund. [38], The collapse of the company is believed to be partially responsible for the bankruptcy and collapse of the crypto lender Voyager digital and layoffs at Blockchain.com. We went to high school together, we went to college together, and we got our first job together. Davies was still a firm believer in crypto until recently, but may change his tune in the wake of 3ACs downfall. It was a sketchy thing to do in venture capital, and it blindsided the outside investors, along with Deribit itself. In his affidavit, Davies said 3AC was overwhelmed with claims and/or queries from its lenders and investors, and had received default and demand notices from 32 of its creditors. The one story you shouldnt miss today, selected by, This site is protected by reCAPTCHA and the Google, Biden Chooses Crime Messaging Over D.C. Home Rule. cryptocurrency Founders who 'cannot be trusted' and a $50 million yacht: New Three Arrows. Primitive Capital's Dovey Wanfirst spotted the offering,which is being conducted on a private basis according to sources in the Singapore real estate sector that spoke to CoinDesk. That kind of steely optimism isnt hard to find in a crowd that turned the typo HODL into a full-blown mantra for never selling. Meanwhile, the unclaimed yacht looms as a slightly ridiculous avatar of the hubris, greed, and recklessness of the firms 35-year-old co-founders. During the pandemic, as the Federal Reserve pumped money into the economy and the U.S. government sent out stimulus checks, cryptocurrency markets rose for months on end.