Two founders blew up $3.5 BILLION of their clients money, served 4 months in prison, hid a $35 million mansion in their toddler's name and then launched their fourth comeback project

In June 2022 a Singapore hedge fund called Three Arrows Capital collapsed with $3.5 billion in creditor claims after losing $4.2 billion across 2021 and 2022 in one of the largest hedge fund losses ever recorded
The fund's last public NAV was $18 billion
The collapse triggered the entire 2022 crypto crisis, taking down Voyager, which they owed $670 million, BlockFi, which they owed over $1 billion, Genesis, which they owed $2.3 billion, plus Celsius, Blockchain com and a long list of others
Su Zhu and Kyle Davies met as teenagers at Phillips Academy, traded together at Credit Suisse and started 3AC at a kitchen table in 2012
When the fund collapsed they went silent and ignored creditors
Their actual written response to one panicked lender was "yo uh hmm"
Months before the bankruptcy Zhu and his wife Tao Yaqiong moved 5 luxury Singapore properties worth over $80 million into trusts and family names
One of them was a $35 million mansion they registered in their 3 year old son's name three months before the filing
That mansion is now a working urban farm with a fruit forest and 26 garden beds, the swimming pool turned into a fish pond, hosting guided tours and fine dining
It was never included in the 3AC liquidation
Singapore's Monetary Authority banned both founders from running any registered financial firm for 9 years
Zhu was arrested at Changi Airport in September 2023 trying to get to Hong Kong with a fake passport, served 4 months in prison and later described it on a podcast as "really enjoyable overall"
Davies went to Bali and then moved to the UAE which has no extradition treaty
The 3AC liquidator is still chasing $1.3 billion of their assets
Then they actually came back
First they launched OPNX, a bankruptcy claims exchange built to profit off the same creditors they ruined, fined $2.7 million by Dubai's regulator and shut down within a year
After OPNX they launched OX fun, raised $4 million from investors and abandoned it
By late 2024 they launched a memecoin called $3AC with a high concentration of insider supply
In September 2025 they came back again with Quanto, a Solana perpetual futures exchange that lets users trade memecoins, NFTs and LP tokens with 100x leverage, reportedly co founded by Zhu and Davies
Banned from financial firms in Singapore, fined in Dubai, with a liquidator still chasing $1.3 billion, while one of them runs a 100x leveraged derivatives exchange and the other is still avoiding extradition
In any other industry losing $3.5 billion of other people's money ends a career
In crypto it's a portfolio