Kyle Davies co-founded Three Arrows Capital (3AC) with Su Zhu in 2012. The crypto-focused fund, incorporated in the British Virgin Islands and operated from Singapore, collapsed in May and June 2022; later court records describe a separate contempt case over disclosure orders in the liquidation.
Three Arrows Capital
3AC was a digital-asset hedge fund founded by Davies and Zhu. A U.S. bankruptcy-court order describes the fund as BVI-incorporated, with an office in Singapore, and says its net asset value exceeded $3 billion in December 2021 before it collapsed during the market declines of May and June 2022. Liquidation proceedings followed in the BVI. This page does not treat losses, insolvency, or a court filing as proof of fraud.
Singapore Court Proceedings
In September 2023, the Singapore High Court sentenced Davies and Zhu to four months’ imprisonment for contempt after finding intentional disobedience of disclosure orders made during the liquidation. In June 2025, Singapore’s Court of Appeal dismissed Davies’s appeal against the refusal to set aside those orders. The judgment concerns compliance with court orders in the insolvency process; it is distinct from a finding about the causes of 3AC’s investment losses.
The Court of Appeal’s judgment recorded that Davies remained outside Singapore at the time. That historical statement does not establish his present location or the later status of separate proceedings.
What the Record Does and Does Not Establish
Liquidators and creditors have pursued recovery through several proceedings. Each claim and order has its own legal status, and allegations in a filing are not automatically findings of fact. The cited court decisions document the fund’s collapse and the disclosure-order contempt matter; they should be read within those limits.
Last updated: 24 October 2026.
Related Terms
See Also
- What the Celsius Collapse Tells Us About Crypto Lending Risk
- Why Algorithmic Stablecoins Keep Failing
- Bitcoin as Collateral: Loans and DeFi
- Trade crypto with ChangeNOW
Sources
- Singapore Court of Appeal — [2025] SGCA 31 — Records the contempt sentence, dismissal of Davies’s appeal, and the scope of the disclosure-order proceedings.
- U.S. Bankruptcy Court — Three Arrows Capital order, 13 March 2025 — Describes 3AC’s incorporation, Singapore office, founders, and May–June 2022 collapse.
- 3AC Liquidators — Notice to the Founders — Summarizes BVI disclosure and examination orders and the liquidators’ notice.