Su Zhu, the co-founder of the now-defunct hedge fund Three Arrows Capital (3AC), shared his unexpected perspective on his recent incarceration. Zhu described his nearly three-month-long stint in a Singaporean prison as the “best sleep” of his life, calling it an “enjoyable experience overall.”
In a social media post-dated January 22, Zhu offered insights into his prison experience. He shared edited clips from an unreleased podcast featuring 3AC co-founder Kyle Davies, the pseudonymous social media manager “Lukas,” and another unidentified guest. Zhu expressed that despite the inherent aversion to prison, he found the experience surprisingly pleasant. He highlighted the simple pleasures still available in prison, likening them to ancient forms of entertainment.
Zhu spoke about experiencing a “magical feeling” and a sense of kinship with his ancestors during his time in prison. He attributed this to the prison’s lack of beds, which led him to sleep on the ground. This, according to Zhu, decompressed his spine and resulted in the “best sleep” of his life. His comments received mixed reactions from the crypto community on social media.
Laurence Day, creator of Wildcat Protocol, offered a sarcastic response to Zhu’s philosophical musings. Zhu’s arrest in Singapore in September 2023 followed his attempt to leave the country amidst legal proceedings. He was sentenced to four months in prison for not cooperating with an investigation into 3AC’s liquidation. The hedge fund’s collapse in June 2022 led to over $3.5 billion in investor losses, marking one of the largest hedge-fund trading losses in history.
After 3AC’s collapse, Zhu and Davies vanished, complicating the liquidation process led by Teneo. Despite their elusive physical presence, they remained active online, launching a new crypto exchange and bankruptcy claims platform called Open Exchange.
The troubles for Zhu and Davies continue as Teneo seeks to recover $1.3 billion from them, alleging misuse of investor funds post-insolvency. Additionally, in September 2023, Singapore’s central bank imposed nine-year prohibition orders on both founders for purported violations of the country’s securities laws.
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