January 29, 2024
By Sharan Kaur Phillora
Su Zhu, the co-founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital, has recently shared his “enjoyable” prison experience in Singapore. He is now turning his focus towards a new crypto exchange venture with links to Hong Kong. Zhu, who faced legal challenges following the collapse of his hedge fund, was arrested last September in Singapore but has since been released.
Here’s what we know:
In a series of video clips shared on X, formerly known as Twitter, Zhu described his time in prison as unexpectedly positive. He highlighted improved sleep due to strict lights-off policies and the absence of internet, alcohol, or caffeine. “I had the best sleep of my life in prison,” Zhu remarked, adding that sleeping on the floor made him feel a kinship with his ancestors.
Three Arrows Capital was a major player in the crypto world before its implosion in June 2022 led to a cascade of other crypto firm collapses and contributed to a significant downturn in the crypto market. Zhu’s arrest at Changi Airport was for his failure to cooperate with liquidation investigations.
Following his release from prison and subsequent home detention, Zhu’s sentence ended on December 20. In an interview on X Spaces, he revealed that he has moved on from Three Arrows and is now focusing on OPNX, a crypto exchange he co-founded in April last year with Kyle Davies, another Three Arrows co-founder, and Mark Lamb, former CEO of the failed crypto derivatives exchange CoinFlex.
OPNX, which has not publicly disclosed its headquarters location, registered an office in Hong Kong’s Central business district last May. This move came just before Hong Kong’s new virtual asset regulation took effect in June, providing a one-year window for existing exchanges to get licensed. The company had reportedly relocated to Hong Kong, a decision supported by its investors.
Hong Kong’s new crypto regulations require centralized crypto trading platforms that conduct business in the city or market to its investors to be licensed by the Securities and Futures Commission. This regulation aims to clarify and establish Hong Kong as a global virtual asset hub. OPNX has yet to comment on its compliance plans with these new regulations.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
