Three Arrows Capital Founders Face $1B Asset Freeze As Legal Clampdown Intensifies
Portfolio Pulse from Murtuza Merchant
The British Virgin Islands court has ordered a freeze of about $1 billion in assets of Three Arrows Capital founders. The liquidator, Teneo, reported the fund's estimated debt at $3.3 billion. The fund collapsed in 2022 amid a crypto downturn. Teneo is pursuing claims against the founders for their role in the fund's losses. The founders, Su Zhu and Kyle Davies, have faced legal challenges, including a previous asset freeze in Singapore and Zhu's arrest. This case is reminiscent of Sam Bankman-Fried's fraud conviction related to FTX Trading Ltd. (CRYPTO: FTT).
December 21, 2023 | 1:40 pm
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FTX Trading Ltd. (CRYPTO: FTT) is mentioned in relation to the legal issues surrounding Three Arrows Capital, drawing parallels to the fraud conviction of FTX's founder, Sam Bankman-Fried.
The mention of FTX Trading Ltd. (CRYPTO: FTT) in the context of legal troubles and asset freezes for Three Arrows Capital founders could negatively impact investor sentiment towards FTTUSD. The parallel drawn to Sam Bankman-Fried's fraud conviction may reinforce concerns about the risks associated with cryptocurrency investments, potentially leading to a short-term negative impact on FTTUSD's price.
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