¤ This man's name is Suzhou

• He ran one of the largest hedge funds in #cryptocurrencies.

• Here's how Su Zhou ended up in prison, owing +1.3 billion to his investors.

Zhou was born in China and moved to the United States at the age of six.

Studying mathematics qualified him for the trading profession.

Later, he worked in Tokyo at Credit Suisse in derivatives trading.

Sue later met someone who changed his life.

Su Zhou met a man named Kyle Davis at Columbia University.

Together they founded a company called

Three Arrows Capital (3AC)

That was in 2012.

The company initially focused on emerging market currencies, and grew rapidly.

The expansion was from their Tokyo apartment to a company with +35 employees.

◇ In 2013, Chu and Davis moved 3AC to Singapore with the aim of improving tax efficiency.

▪︎The fund initially focused on emerging market currency deals.

- But he switched to cryptocurrencies in 2018.

▪︎Chu believed in a “supercycle” where increasing crypto adoption would lead to a bull market without a bear market.

◇ In their last public statement, they managed to raise around $10 billion in cryptocurrencies.

◇ Most of these assets are likely to be unsecured loans.

◇ In early 2021, 3AC acquired approximately 39 million shares of Grayscale Bitcoin Trust.

◇ Invested $200 million in LUNA in February 2022.

☆ Then, unfortunately we all know what happened to Luna.

¤ When the cryptocurrency market crashed in 2022, 3AC had difficulty paying off its debts.

¤ In June, the court issued an order to liquidate the company.

¤ By July, they filed for bankruptcy.

¤ Then Chu and Davis went to Bali to surf and meditate.

• In late 2022, Chu and Davis launched a new project, Open Exchange (OPNX).

• Introduced its own cryptocurrency in 2023.

◇ Although 3AC's liquidators are seeking to recover $1.3 billion from them by June of that year.

In September 2023, Zhou was arrested in Singapore while attempting to leave the country.

He was sentenced to four months in prison for failing to cooperate with the 3AC liquidators, but served only three months.

Chu described the experience as "really enjoyable overall."

Mr. Su Chu is now free after serving his sentence and is active again, advising OPNX.

He was seen enjoying himself at recent events in Singapore.

But what about the money he owes to his investors???