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Judge Orders 3AC Co-Founder to Comply with Subpoena or Face Legal Consequences

Judge Orders 3AC Co-Founder to Comply with Subpoena or Face Legal Consequences

Judge gives 3AC co-founder ultimatum: will he comply or “take his chances?”

On March 22nd, US Bankruptcy Judge Martin Glenn issued a motion ordering Kyle Davies, the co-founder of the collapsed crypto hedge fund Three Arrow Capital, to answer to the previously issued subpoena or face consequences.

Martin Glenn issued the subpoena to Kyle Davies on January 5th, directing him to reveal details about liquidators, including their account information, private keys to accounts, seed phrases, and communications between 3AC and other companies related to the documents. The judge gave him 14 days to deliver the information.

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However, Kyle Davies failed to respond to the order, prompting the judge to approve the motion to compel.

The Motion seeks an order compelling Davies to comply with the Subpoena served on him… Davies, of course, can appear and contest the Foreign Representatives’ showing, or he can fail to appear as he has done so far, and, frankly, take his chances.

Kyle Davies may risk legal consequences if he fails to comply with the latest order. Contempt of court during civil proceedings often results in fines. However, the court may decide to deliver a jail sentence for such an offense.

Meanwhile, the two 3AC co-founders remain on the run. Kyle Davies and Su Zhu went missing after a cryptocurrency hedge fund that was based in Singapore collapsed.

Recent tweets by Kyle Davies and Su Zhu have hinted at multiple locations, including Bali, Bahrain, and Dubai.

At one point, 3AC managed over $10 billion in assets. Popular cryptocurrency companies, including Voyager Digital, Blockchain.com, BlockFi, Genesis, BitMex, and FTX, were reportedly exposed to the hedge fund at the time of its fall.

It is worth noting that before the subpoena, one of the 3AC co-founders, Su Zhu made accusations against Digital Currency Group (DCG).

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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