3AC Liquidators Ask Judge to Intervene, Say Co-Founder Is ‘Withholding Information’
3AC liquidators allege Kyle Davies “continues to withhold information" while "shamelessly" raising millions to launch a new crypto exchange.
The liquidators overseeing crypto hedge fund Three Arrows Capital’s bankruptcy proceedings have asked the judge to compel co-founder Kyle Davies to cooperate, according to a new court filing.
They wrote that Davies “continues to withhold information in his possession that is essential to accessing and controlling certain of the Debtor’s digital assets.” The liquidators allege that Davis and Zhu, “have failed to offer forthright cooperation to the Foreign Representatives, and in doing so have failed to fulfill their fiduciary duties owed to the Three Arrows estate.”
If the judge approves the motion, which was filed on Wednesday, Davies will be ordered to comply with the subpoena by March 16.
In October, the liquidators asked the judge for permission to issue subpoenas to the co-founders. That request was approved in December. Then, on January 5, the subpoenas were served over Twitter. The co-founders had until January 26, but have missed that deadline.
@zhusu and @KyleLDavies jpg copies of orders made by the Supreme Court of Singapore against Mr Zhu, Mr Davies and Three Arrows Capital Pte. Ltd. are attached to this tweet by way of service. An unredacted copy of the order was served via email and can be provided upon request. pic.twitter.com/NVFd3pUhi3
The liquidators wrote that they take issue with how active Davies and Zhu have been on social media and in media interviews.
“Since January 5, 2023, Mr. Davies has been active on social media, having ‘tweeted’ or ‘retweeted’ dozens of times on Twitter,” the liquidators wrote in the filing. “Shamelessly, while ducking his obligations to his failed company, Mr. Davies has been recently active in an effort to raise tens of millions to start a new crypto
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