3AC Execs Served Subpoena Via Twitter Due To Whereabouts Unknown

Liquidators representing the bankrupt asset manager’s creditors have accused the firm’s co-founders of refusing to cooperate

article-image

Three Arrows Capital Founders Su Zhu and Kyle Davies | Blockworks exclusive art by Axel Rangel modified by Blockworks

share

The woes of embattled and bankrupt crypto hedge fund firm Three Arrows Capital appear to be worsening.

Co-founders Kyle Davies and Su Zhu — as well as Three Arrows itself were — have been slapped with two fresh subpoenas. 

The subpoenas are related to the ongoing bankruptcy of Three Arrows, whose over-leveraged implosion last year sent shock waves throughout digital asset markets. In an unusual move, the subpoenas — one in the US, one in Singapore — appear to have been served, at least in part, via Twitter. 

The firm issuing both documents confirmed their authenticity, adding that an unredacted copy was also served via email. The whereabouts of both Zhu and Davies have been an open question ever since Three Arrows blew up

Both legal documents, issued by a collective to liquidate Three Arrows and return capital to the firm’s creditors, list a series of requests for additional information related to the cryptoasset manager’s demise. 

Loading Tweet..

Those demands include: documents detailing the firm’s dealings, in terms of both investments and engagements with its limited partners and counterparties (including service providers); particulars of investor accounts; Three Arrows’ crypto derivatives trading activity; and a slew of the nuts and bolts behind the firm’s crypto wallets that powered its trading. 

The subpoena is seeking the information in a number of formats, including any “digital communications” (which appears to be a broad remit), as well as internal spreadsheets, accounting data, calendars from Three Arrows executives and details of the firm’s “network access and server activity logs” — among others.

Davies and a lawyer representing the plaintiffs in the liquidation proceedings did not immediately return a request for additional comment.

Representatives for the collective behind the complaint, dubbed Joint Liquidators, in a statement said they “remain focused on diligently advancing the liquidation process for Three Arrows Capital Limited in order to maximize asset recoveries on behalf of creditors.”

“The founders have unfortunately resisted cooperating in these efforts, and as such, we have received authority from courts in both the US and Singapore to serve them targeted and comprehensive discovery demands through email and their frequently-used Twitter accounts,” the statement said. 

It’s far from the first such effort seeking to make creditors whole. A previous demand filed a $30 million claim against the co-founders’ “much wow” super yacht.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
  • Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
Tags

Upcoming Events

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

The platform also rolled out 13 tokenized funds for institutions on the Connect platform

article-image

The company’s expanded lineup introduces new ETF products, as more and more issuers get into crypto funds

article-image

President Donald Trump announced a 10% levy on almost all goods and additional tariffs on so-called “worst offending” countries

article-image

Solana may be in “recomposition” mode, as new protocols put usefulness ahead of mere virality

article-image

The stablecoin issuer will have to contend with bigger players and the interest rates environment

article-image

The president reportedly was still working on his tariff policy plans late Tuesday evening