Three Arrows Capital Ltd

Three Arrows Capital was a crypto hedge fund that failed in June 2022 after the collapse of the Terra tokens and a wider market fall. On 27 June 2022 the British Virgin Islands court ordered the fund into liquidation and appointed joint liquidators from Teneo^S3. A US bankruptcy court recognised the BVI liquidation as a foreign main proceeding in a Chapter 15 case^S3. In Singapore, MAS reprimanded the fund manager entity in June 2022 for providing false information and breaching an assets threshold^S2, then issued nine-year prohibition orders against directors Zhu Su and Kyle Livingston Davies in September 2023^S1. Co-founder Su Zhu was jailed for four months over the liquidation^S4.

Also known as: 3AC, Three Arrows Capital Pte. Ltd., TACPL, TAC
Headquarters: British Virgin Islands
Records from: British Virgin Islands, Singapore, United States
Current status: Three Arrows Capital Ltd was ordered into liquidation by the British Virgin Islands court on 27 June 2022 and joint liquidators from Teneo were appointed^S3. The Singapore fund manager entity was reprimanded by MAS in June 2022^S2, and its two directors were given nine-year prohibition orders that took effect on 13 September 2023^S1. The liquidation runs on. Liquidators estimated in December 2023 that creditors would recover about 46 per cent of their claims^S6, and in March 2025 a US court let them expand a claim against FTX to US$1.53 billion^S7.

Scope. This record covers the 2022 collapse of the crypto hedge fund Three Arrows Capital. It separates two linked entities: Three Arrows Capital Ltd, the British Virgin Islands fund in liquidation, and Three Arrows Capital Pte. Ltd., the Singapore registered fund manager named in the MAS orders. It does not assess the founders in our own voice.

Claims assessed

4 claims. Scores grade the evidence for each claim, not the organization.

Supported93
The Monetary Authority of Singapore said it issued nine-year prohibition orders against Three Arrows Capital directors Zhu Su and Kyle Livingston Davies that took effect on 13 September 2023.
Regulator statement, 14 September 20233 records citedMarket conduct
Supported90
A US bankruptcy court opinion recorded that the British Virgin Islands court ordered Three Arrows Capital into liquidation on 27 June 2022 and appointed joint liquidators, and that the US court recognised the BVI proceeding as a foreign main proceeding.
Court filing, 29 December 20223 records citedCorporate status
Supported91
The Monetary Authority of Singapore said it reprimanded Three Arrows Capital Pte. Ltd. in June 2022 for providing false information to MAS and for exceeding the assets under management threshold for a registered fund management company.
Regulator statement, 30 June 20223 records citedDisclosure
Supported75
Liquidator Teneo said a Singapore court sentenced co-founder Su Zhu to four months in prison for failing to comply with a court order to help the investigation into the fund's failure.
Press report, 30 September 20232 records citedCorporate status

Cases and proceedings

In the matter of Three Arrows Capital LtdEastern Caribbean Supreme Court, British Virgin Islands. Insolvency. Not published.Stage: Liquidation ongoing, joint liquidators from Teneo appointed, asset recovery and creditor claims continuing.
- 27 June 2022 Court orders the fund into liquidation and appoints joint liquidators^S3
In re Three Arrows Capital, Ltd.US Bankruptcy Court for the Southern District of New York. Insolvency. 22-10920 (MG).Stage: BVI liquidation recognised as a foreign main proceeding, discovery and asset location continuing.
- 29 December 2022 Opinion records recognition and grants subpoena service on Kyle Davies^S3
- 14 March 2025 Related Delaware court lets 3AC expand its FTX claim to US$1.53 billion^S7
MAS enforcement action against Three Arrows Capital Pte. Ltd., Zhu Su and Kyle Livingston DaviesMonetary Authority of Singapore. Regulatory. Not published.Stage: Reprimand issued June 2022, nine-year prohibition orders against the two directors in force from 13 September 2023.
- 30 June 2022 MAS reprimands the fund manager entity^S2
- 13 September 2023 Nine-year prohibition orders against Zhu Su and Kyle Livingston Davies take effect^S1

Responses on record

Su Zhu and Kyle Davies, 22 July 2022, on Liquidator Teneo said a Singapore court sentenced co-founder Su Zhu to four months in pris...
In July 2022 the founders said they had been communicating with all relevant authorities, disputing the non-cooperation claim.^S5

Revision history

25 October 2026 Profile and 4 assessments first published. Records checked to 25 October 2026.

Source records

S3Tier A In re Three Arrows Capital, Ltd., Memorandum Opinion and Order (Case No. 22-10920)US Bankruptcy Court for the Southern District of New York (Chief Judge Martin Glenn). Court judgment. 29 December 2022.Supports the 27 June 2022 BVI liquidation, the joint liquidator appointment, the foreign main proceeding recognition and the subpoena on Kyle Davies.
S7Tier C US court allows 3AC to expand FTX claim to $1.5 billionThe Block (Danny Park). Press report. 14 March 2025.Supports the March 2025 ruling letting 3AC expand its FTX claim to US$1.53 billion and FTX's objection. Shows the liquidation is still active.
S2Tier A MAS Reprimands Three Arrows Capital for Providing False Information and Exceeding Assets Under Management ThresholdMonetary Authority of Singapore. Regulator press release. 30 June 2022.Supports the June 2022 reprimand, the false representation about novation and the S$250 million threshold breach. It does not establish criminal liability.
S1Tier A MAS issues Prohibition Orders against Three Arrows Capital's Zhu Su and Kyle Livingston DaviesMonetary Authority of Singapore. Regulator press release. 14 September 2023.Supports the nine-year prohibition orders, their 13 September 2023 start and the directors' breaches. It is the regulator's own enforcement record.
S5Tier C 3AC cofounders resurface after five weeks, deny allegationsForkast (Monika Ghosh). Press report. 22 July 2022.Origin of the founders' denial that they failed to cooperate. It reports their statements, it does not settle whether they cooperated.
S6Tier C 3AC liquidators estimate 46% recovery rate for creditors: Teneo reportThe Block (James Hunt). Press report. 21 December 2023.Supports the December 2023 recovery estimate of about 46 per cent and the claims figures reported by Teneo. Press summary of a creditor report.
S4Tier C Crypto fund co-founder arrested, jailed in Singapore, says company liquidatorAgence France-Presse via Malay Mail. Press report. 30 September 2023.Reports Su Zhu's four-month jail term and the committal order, citing Teneo. It is press colour on a Singapore court order that was not posted online.