Following the collapse of Three Arrows Capital, co-founders Zhu Su and Kyle Davies have seemingly disappeared from the public eye. However, they have recently resurfaced on certain platforms, such as X, to make posts that seem oblivious and out-of-place. These posts serve to excuse them of any wrongdoing and announce the launch of their new business ventures, namely the exchange platform OPNX and a new hedge fund named 3AC Ventures.
However, their new ventures have also come under fire. OPNX, which is based in Dubai, has been fined by the local financial authority VARA. Interestingly, Su and Davies have not yet paid the fine issued to OPNX, despite it being mid-August. It is unclear whether they have paid any fines addressed to themselves personally, which were issued as a result of the same investigation.
In addition to the fine from VARA, Singaporean authorities have imposed a blanket ban on any financial or investment businesses started by Su and Davies on local soil for the next nine years. The ban serves as a consequence for their improper risk management and dereliction of duty. The Monetary Authority of Singapore (MAS) has stated that no risk management framework was in place at 3AC, indicating a lack of responsible decision-making.
MAS also mentioned other offenses committed by Su and Davies, including the failure to notify the hiring of a hedge fund manager named Cheong Jun Yoon Arthur within the required timeframe. When questioned about Arthur in January 2022, 3AC falsely claimed that he did not carry out any regulated activities at the hedge fund. MAS later determined this information to be false and confirmed that Arthur had indeed been a fund manager at 3AC.
As a result of these violations, Su and Davies are now prohibited from engaging in any regulated activity and from being involved in the management or directorship of any capital market services firm. The exact whereabouts of the co-founders remain unknown, but they are suspected to be in Dubai.
It is important to note that the credibility and reliability of the information provided in this article is based on various sources and reports.
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