he founders of a collapsed crypto hedge fund who reportedly amassed a fortune once worth $10 billion have gone missing, according to liquidators of the company.
In a court filing on Friday, liquidators of Three Arrows Capital (3AC) Russell Crumpler and Christopher Farmer said: “The physical whereabouts of the debtor’s founders, Zhu Su and Kyle Livingstone Davies, are currently unknown,” adding, “the founders have not yet begun to cooperate… in any meaningful manner.”
Farmer had tried to visit Su and Davies at their Singapore offices, only to find they were empty with the entrance locked and unopened letters propped up against the doors.
The liquidators warned there was an “imminent risk” the company’s assets could be sold by 3AC’s founders or others to the detriment of creditors.
The pair reportedly amassed a $10 billion fortune before a Bitcoin sell-off saw the price of digital assets plummet. The company later filed for bankruptcy in the British Virgin Islands.
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Entrepreneurs: win £25,000 to launch your businessThe fund’s demise destabilised multiple other crypto companies with whom 3AC had close financial ties. Last month, 3AC defaulted on a $675 million loan from New York-based cryptocurrency broker Voyager Digital. Voyager later filed for bankruptcy after suspending customer trading, deposits and withdrawals.
Crypto exchange Blockchain.com is poised to lose as much as $270 million in loans issued to 3AC, Reuters reports.
In a tweet in June 3AC said: “Committed to working this out, do not believe all that has been written about us.”
The value of cryptocurrency assets has fallen 54% in the past three months, according to data from CoinMarketCap.
