Su Zhu

In spring 2026, liquidators were pursuing an approximately $1.1 billion insolvent trading claim against Zhu and Davies in the BVI, alongside additional claims, including approximately $66 million allegedly owed by Zhu. Freezing orders remained in force and the trial was organised in several phases.

State of the evidence

Allegations

Legal status — source text

BVI_proceedings_pending_no_final_merits_outcome_verified

Attribution

Directly implicated

The Singapore Court of Appeal refused to set aside the disclosure orders and associated measures but overturned the separate order allowing liquidators to examine Zhu, finding that they had already decided to sue him in the BVI and had not disclosed this to the judge. The court considered that use of the examination would give them an unfair advantage.

Legal status — source text

Singapore_Court_of_Appeal_mixed_result

Attribution

Directly implicated

As part of recovery actions, a BVI court froze assets belonging to Zhu, Davies and Kelly Chen up to approximately $1.14 billion. Singaporean courts subsequently granted local support for related freezing measures.

State of the evidence

Allegations

Legal status — source text

BVI_worldwide_freezing_order_with_Singapore_support

Attribution

Directly implicated

Liquidators sought approximately $1.3 billion from the two founders, alleging that they had increased the fund's indebtedness after losses in May 2022 when 3AC was already insolvent or close to insolvency.

Attribution

Directly implicated

VARA stated that OPNX had solicited and promoted its services without authorisation, received cease-and-desist notices in February and March, and then launched regulated exchange services without a licence on 4 April 2023. A written reprimand was issued to OPNX and its founders, including Su Zhu.

Legal status — source text

VARA_written_reprimand

Attribution

Directly implicated

VARA fined Zhu AED 200,000 for breaches of virtual asset marketing and promotion regulations. The regulator specified that the individual fine had been paid and that its Grievance Committee had upheld the enforcement measures.

State of the evidence

Documented

Legal status — source text

VARA_administrative_fine_final

Attribution

Directly implicated

MAS prohibited Zhu for nine years from conducting any regulated activity or holding any management, director or substantial shareholder role in a capital markets services firm. It found that he had breached his director duties in several 3AC violations, including failure to establish a risk management framework.

State of the evidence

Documented

Legal status — source text

MAS_nine_year_prohibition_order

Attribution

Directly implicated

After failing to comply with a disclosure order concerning his dealings and those of 3AC, Zhu was sentenced to four months in prison for contempt of court. He was arrested at Changi Airport on 29 September 2023 and imprisoned.

Legal status — source text

Singapore_High_Court_committal_order

Attribution

Directly implicated

The MAS reprimanded Three Arrows Capital Pte Ltd for false or misleading information, failure to notify changes of management/shareholding and exceeding the asset ceiling for a registered fund manager. Zhu was CEO and director; the MAS subsequently linked these breaches to his duties as a director.

State of the evidence

Documented

Legal status — source text

MAS_reprimand_against_TACPL

Attribution

Direct responsibility

Following Terra/Luna's collapse and the tightening of crypto credit, Zhu and Davies acknowledged that 3AC had accumulated highly exposed and leveraged positions. Zhu stated that they had positioned themselves for a market that failed to materialise and had underestimated the possibility that Luna could fall almost to zero within days.

State of the evidence

Admitted by the person

Attribution

Directly implicated

Voyager Digital issued a notice of default to 3AC on a loan of 15,250 BTC and 350 million USDC. On 27 June 2022, a BVI court ordered 3AC's liquidation and Teneo was appointed liquidator.

State of the evidence

Documented

Legal status — source text

BVI_liquidation_order_company_level

Attribution

Direct responsibility

Liquidators told the court that Zhu and Davies were not cooperating sufficiently with asset recovery and sought approximately $30 million from the sale of a superyacht ordered through a related structure. They also reported that office hard drives had been wiped or removed before they gained access.

State of the evidence

Allegations

Attribution

Directly implicated