The founders of embattled crypto hedge fund Three Arrows Capital (3AC) are missing, and when court-appointed liquidators recently visited the firm’s Singapore office all they found was a locked door and a pile of old mail.

In a July 8 filing with the U.S. Bankruptcy Court in New York’s Southern District, Russell Crumpler and Christopher Farmer, who were appointed by a British Virgin Islands court to serve as 3AC’s liquidators and wind down operations, reported that the whereabouts of Zhu Su and Kyle Davies “are currently unknown.”

“And while a lawyer in Singapore purporting to represent the Founders recently approached the Foreign Representatives, the Founders have not yet begun to cooperate with the Foreign Representatives in any meaningful manner,” the filing continued. (The “foreign representatives” referred to here are Crumpler and Farmer, who work for the advisory firm Teneo.)


Additionally, the filing said, there’s a “heightened risk” Su and Davies could attempt to transfer 3AC assets to new accounts or wallets because “a substantial portion” are “cash and digital assets that are readily transferable.”

The liquidation representatives became concerned shortly after receiving an email on July 6 from a law firm purportedly representing the founders. Crumpler and Farmer asked for an urgent meeting and were denied, and instead agreed with Advocatus Law LLP to a July 8 Zoom call, which the law firm and the founders all ghosted.

Three Arrows Capital filed for Chapter 15 bankruptcy protection in June after the collapse of Voyager, which had unpaid loans to 3AC totaling $646 million.

And 3AC isn’t the only firm facing a liquidity crunch. Earlier this month, KuCoin’s native token tanked on rumors it was insolvent. Meanwhile, crypto lender Nexo announced plans to acquire rival Vauld after it halted client withdrawals, and Voyager Digital filed for Chapter 11 bankruptcy last week in New York.

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