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3AC founders hit with $1.4bn worldwide asset freeze

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The founders of collapsed cryptocurrency hedge fund Three Arrows Capital (3AC) have been hit with a worldwide freeze on $1.14bn of assets ordered by a court in the British Virgin Islands, according to a report by Barrons.

The report cites 3AC’s Singapore-based liquidators Teneo as confirming the freeze against co-founders Su Zhu and Kyle Davies and Davies’ wife Kelly Chen.

In a statement Teneo said that the order “prevents the three named individuals dealing with their assets (including transferring or selling them) up to a value of $1.144 billion”.

The inclusion of Davies’ wife in the order “marks a further expansion of efforts by the liquidators” to recover the assets, it said.

Zhu was arrested in late September while trying to get a flight out of Singapore and is currently serving a four-month prison term, while the wherabouts of fellow Singapore citizens Davies and his wife are not currently known

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