Our weekly roundup of news from East Asia curates the industry’s most important developments.
3AC’s Kyle Davies throw creditors under the bus, again
Kyle Davies, co-founder of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), has washed his hands of responsibility for its collapse. On a March 19 episode of theUnchained podcast, Davies reiterated his lack of remorse for his involvement in what happened to 3AC, which is facing $3.3 billion in creditors’ claims:
“Am I sorry for a company going bankrupt? No. Like, companies go bankrupt all the time,” said Davies. “Maybe, at a minimum, we could tell the next Three Arrows how to do things better when they go bankrupt.”
Despite the issuance of a Singaporean arrest warrant for contempt of court, Davies has since stated that he, a Singaporean national, has no intent to return to the city-state to serve jail time and currently “bounces around between Europe and Asia.” Regular readers of Asia Express will be interested to note that Davies made no mention of returning to the Middle East, where his infamous Dubai chicken restaurant is located.
Although Davies is currently on the run, it appears that his ex-3AC entrepreneurial ventures with fellow co-founder Su Zhu did not go well. After 3AC Ventures last year, the firm seems to have gone offline at the time of publication. OPNX, a derivatives exchange founded by Davies and Zhu in April 2023, also shut down earlier this year.
The Daily Mail dubbed Davies a “crypto coward”.
British national found guilty of laundering $6 billion for Chinese crypto scam
Jian Wen, a 42-year-old British woman, has been found guilty by a London jury of laundering $6 billion in Bitcoin for Zhimin Qian, a Chinese fugitive on the run for orchestrating an investment fraud in mainland China.
According to a March 20 Bloomberg report, Qian allegedly embezzled funds from over 130,000 investors through 10 investment vehicles, converted the money into Bitcoin, and fled to the…
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