Kyle Davies, co-founder of Three Arrows Capital: has renounced American citizenship and is not subject to the jurisdiction of local courts

Odaily Planet Daily News Three Arrows Capital (3AC) co-founder Kyle Davies said that he has given up his US citizenship and therefore does not need to respond to the US courts. In court documents on Tuesday, Davies said he became a permanent resident of Singapore in 2017. Since Singapore does not allow dual citizenship, he renounced his U.S. citizenship upon marriage and is therefore not subject to the jurisdiction of U.S. courts. According to news on June 27, a person familiar with the matter revealed that the liquidator of Three Arrows Capital is seeking to recover $1.3 billion in funds from the co-founder of the collapsed encryption hedge fund, accusing it of accumulating funds in the months before the company's collapse. The resulting losses were part of the $3 billion owed to Three Arrows creditors. The allegations against Three Arrows co-founders Zhu Su and Kyle Davies were discussed in meetings between liquidators and hedge fund creditors, the person said. The founders were already deeply indebted when the company went bankrupt, they said. Su Zhu and Kyle Davies are accused of causing Three Arrows to take on significant leverage between May and June 2022, after the fund had already suffered huge losses on Luna tokens and other investments. Liquidators believe the company is insolvent and are now taking action against the pair in British Virgin Islands courts to recover those losses for the company's creditors. (Decrypt)