Exploring the 'Enjoyable' Prison Time

Su Zhu, co-founder of the collapsed crypto hedge fund Three Arrows Capital, recently shared his unique perspective on prison life after being released last month. Despite facing arrest in Singapore and the collapse of his hedge fund, Zhu surprisingly described his time in prison as "enjoyable." He took to X, formerly Twitter, to express his thoughts in video clips, stating, "Obviously no one wants to go to prison, but I think that it’s actually a really enjoyable experience overall."

Among the unexpected benefits Zhu highlighted were improved sleep, attributed to mandatory lights-off time from 9.30 pm to 5.30 am and the absence of internet, alcohol, or caffeine. While some found his comments inspiring, others on X couldn't help but poke fun at what one user called "the craziest level of coping."

Three Arrows Capital's Demise and Zhu's New Venture

Three Arrows Capital, once a leading crypto hedge fund, faced a significant downfall in June 2022 due to a series of leveraged investments gone awry. This triggered a chain reaction of collapses in other crypto firms, contributing to a US$2 trillion crypto market rout. Zhu's arrest in Singapore followed, and he was detained as he attempted to leave the country.

After swapping prison for home detention, Zhu's sentence concluded on 20 December. In an interview on X Spaces, he revealed his intention to move on from Three Arrows and focus on his latest project – a crypto exchange named OPNX. Zhu, along with Kyle Davies and others, co-founded OPNX in April the previous year. Notably, Mark Lamb, the former CEO of the collapsed crypto derivatives exchange CoinFlex, is also part of the founding team.

Left to right: Kyle Davies, Su Zhu, Mark Lamb (Source: X.com @KyleLDavies)

OPNX's Hong Kong Connection

In the opaque world of crypto exchanges, OPNX has not disclosed its headquarters' location. However, records show that it registered an office in Hong Kong’s Central business district in May. This move strategically preceded Hong Kong's new virtual asset regulation taking effect in June, allowing exchanges with an existing presence a one-year window to obtain licensing.

Despite OPNX's confirmation to crypto news outlet The Block last April that it had relocated to Hong Kong, questions linger about its compliance with the city’s crypto regulations. Hong Kong introduced these regulations to enhance regulatory clarity for the crypto industry, aiming to establish itself as a global virtual asset hub. The regulatory scheme mandates all centralised crypto trading platforms actively engaging with Hong Kong or its investors to be licensed by the Securities and Futures Commission.

Navigating Controversy and Regulatory Landscape

Su Zhu's journey, marked by the collapse of Three Arrows Capital and his 'enjoyable' prison experience, has taken an unexpected turn towards the crypto exchange realm with OPNX. As the industry awaits more details on OPNX's operations and compliance with Hong Kong's regulations, Zhu's ability to navigate controversy and adapt to the evolving regulatory landscape remains a focal point.

A Crypto Entrepreneur's Resilience

In navigating the highs and lows of the crypto world, Su Zhu's resilience is evident. From the collapse of a once-prominent hedge fund to an unconventional perspective on prison life, Zhu's journey sparks curiosity. As OPNX unfolds its plans in Hong Kong, only time will reveal the entrepreneur's true mettle in this dynamic and ever-evolving industry.