Three Arrows Capital founders subpoenaed on Twitter

Three Arrows Capital founders subpoenaed on Twitter


Three Arrows Capital (3AC) founders Zhu Su and Kyle Davies were subpoenaed on Twitter on Jan. 5, after the liquidators granted permission from Singapore authorities following a United States bankruptcy court order, according to information given to Cointelegraph by advisory firm Teneo.

In the case of Davies, the Southern District of New York Bankruptcy Court granted the subpoena order as he is a U.S. citizen, while the Singapore courts granted the order to both co-founders, explained a spokesperson from Teneo. 

As reported by Cointelegraph, liquidators’ lawyers have repeatedly failed to engage with the founders in recent months. “A communication protocol was agreed between the liquidators and founders but has not yielded satisfactory cooperation,” according to a hearing presentation on Dec 2.

With the move, liquidators seek to access account information, seed phrases and private keys for 3AC’ digital and fiat assets; details about the securities and unregistered shares; and any accounts held on centralized or decentralized exchanges, along with any other tangible or intangible assets. At its peak, the hedge fund had a net worth of $10 billion, and filed for bankruptcy on July 1 under Chapter 15.

The subpoena requested that Su and Davies, “furnish all documents available to you regardless of whether this information is possessed directly by you, your agents, representatives, employees, or investigators; or by any other legal or non-legal entities controlled by or in any manner presently or precisely affiliated with you.”

If the documents required are no longer in the possession, custody or control of the co-founders, the subpoena requires them to “state the date and nature of the document and explain why the document is unavailable.” 

Back in December, liquidators announced that they had sought to subpoena the founders through Twitter. Three Arrows Capital has faced challenges in its bankruptcy process in recent months due to the unknown whereabouts of its founders. 

Liquidators for the hedge fund have previously claimed that the founders are located in Indonesia and the United Arab Emirates, where it is difficult to enforce foreign court orders. In addition, the founders’ citizenship and location have been called into question by the court, as it could impact the court’s ability to exercise personal jurisdiction over them.


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