Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, was reportedly detained at Changi Airport while attempting to leave Singapore on September 29th.
Singaporean courts swiftly sentenced him to a four-month prison term. His fellow co-founder, Kyle, received a similar order, compelling him to cooperate with the liquidator’s ongoing investigation.
OX Price Crash
The crypto market didn’t remain unaffected by this news. The Open Exchange Token, OX, witnessed a staggering 50% price crash as news of Zhu Su’s arrest spread.
Source: CoinMarketCap
Additionally, Lookonchain reported that an individual who had been accumulating 304,599 OX tokens (valued at $7,000) over the past month hastily sold them off upon hearing of Zhu Su’s arrest. The question arises: Was this move a result of strategic foresight or mere luck?
Address: 0xF312c10914f34D9649f96879A88B02d5f71aF686
Wu said that the arrest stemmed from Zhu Su’s refusal to cooperate with liquidators and provide requested information, leading to contempt of court charges. Such a lengthy sentence for contempt is uncommon in legal proceedings.
Looked into the Zhu Su arrest a bit more and it was for contempt – i.e. not cooperating with liquidators and providing requested information. Bit surprising because its rare to see such a long sentence for contempt of court. By @wassielawyer https://t.co/n9vbiZ3tlM
— Wu Blockchain (@WuBlockchain) September 29, 2023
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