LAW (LAW)
LAW (LAW)
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06 12月 2022

Judge signs off on subpoenas to 3AC’s Su Zhu and Kyle Davies

Judge signs off on subpoenas to 3AC’s Su Zhu and Kyle Davies

A federal bankruptcy judge approved subpoenas for the founders of Three Arrows Capital, a Singapore-based crypto hedge fund that went belly up earlier this year. 

The subpoenas call on the 3AC founders and leaders Su Zhu and Kyle Davies to produce all financial information on the company "including books, documents, records, and papers, relating to the Debtor’s property or financial affairs."

Zhu, Davies, and other individuals named — including Kelly Kaili Chen, who is married to Davies and co-owns entities related to 3AC, as well as executive Mark James Dubois — have two weeks to produce the requested documents and information. 

Under the subpoena, Zhu, Davies, and other individuals named must produce private keys, seed phrases, and any other means of accessing or controlling fiat assets and digital assets. The hedge fund is in Chapter 15 bankruptcy proceedings in the Southern District of New York's Bankruptcy Court as well as the British Virgin Islands, where the fund was incorporated in May 2021. 

Zhu and Davies abruptly vanished from public view following 3AC's collapse in July, though both have returned to Twitter activity since crypto exchange FTX filed for bankruptcy last month. They list their current locations as the United Arab Emirates.

Creditors have already begun taking control of some assets for liquidation, though the subpoenas signal that the judge does not feel enough information has been provided on available assets.

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