Embattled 3AC Co-Founder Kyle Davies is Seen in Bali
- 3AC suffered a huge collapse in 2022, taking down several companies with it.
- Kyle Davies and Su Zhu face legal troubles in Singapore. However, Davies has managed to evade the authorities.
The co-founder of Three Arrows Capital (3AC), Kyle Davies, is said to have been spotted in Bali as he continues to sneak past law enforcement following the collapse of the now-defunct hedge firm.
3AC was one of the prominent crypto firms that filed for bankruptcy in 2022, and Davies has been involved in bankruptcy procedures since then. However, as a result of his refusal to comply with the bankruptcy inquiry, he was handed a four-month jail term in Singapore.
Cointelegraph claimed to have received pictures from an unnamed source allegedly showing Davies with an unidentified lady on November 8 at the Milk and Madu cafe in Canggu, Bali. Multiple sources have previously claimed that Davies resides in Bali.
The unnamed witness claimed that Davies tried to hide his face when he thought someone could have recognized him. The source allegedly said in a statement:
It is 100% him. From the shirt and glasses, I also saw him firsthand without the glasses. He then put the glasses on when he felt we recognized him and continued to put the glasses on until we left the place and took this from the cashier’s point of view.
Davie’s colleague and 3AC’s co-founder, Su Zhu, was detained in Singapore in late September while attempting to escape the country after a court sentenced both founders to prison. Davies and Su Zhu have been accused of spending months in Bali rather than assisting with bankruptcy procedures in Singapore and the United States.
A New York Times report accused Davies of going sightseeing and paying little attention to the bankruptcy proceedings. The report claimed Davies visited Thailand and also shared a picture of himself petting a tiger that was shackled to a pole.
Davies has also avoided being charged with contempt in the United States, where he also has a bankruptcy case. The 3AC co-founder abandoned his US citizenship in 2022 and acquired citizenship in Singapore following his marriage to a local.
Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York claimed the court had no jurisdiction over Davies as his legal advisers had provided proof proving he was no longer a US citizen.
David and Su Zhu were two of the many celebrity crypto founders who enjoyed a huge fanbase on Twitter. Both 3AC founders were renowned for their skill at trading and audacious projections of the market. They appeared on some prominent crypto-focused podcasts. In addition, their connections with major companies allowed them to borrow hundreds of millions of dollars to make significant investments in the industry’s future.
3AC’s collapse sent shockwaves throughout the crypto industry as it brought down a huge portion of the industry. Millions of new investors lost their investments in the subsequent crisis, which also forced other businesses into bankruptcy.