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Three Arrows liquidators seek $1.3 billion from fund’s founders

Three Arrows Capital liquidators are seeking to recover $1.3 billion from the co-founders of the failed crypto hedge fund, an amount that reflects losses the founders are accused of racking-up in the months before the firm collapsed, according to a person familiar with the liquidators’ claims. Zhu and Davies are accused of causing Three Arrows to take on significant leverage between May and June 2022 after the hedge fund suffered big losses on ill-fated Luna tokens and other investments, the person said. Three Arrows’ failure occurred amid a downturn in digital currencies and rippled to platforms that had exposure to the hedge fund.

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