Case study Su Zhu e 3AC: o legacy do hedge fund que quebrou cripto em 2022
Análise dos processos legais contra Su Zhu e Kyle Davies (Three Arrows Capital) — bankruptcy proceedings, contempt charges em Singapore, e perdas dos creditors.
17/03/2026 · 6 min de leitura · CaseStudy · 3AC · SuZhu · Bankruptcy
Quem era 3AC
Three Arrows Capital (3AC) era hedge fund de cripto fundado em 2012 por Su Zhu e Kyle Davies, ambos formados em Phillips Academy e Columbia (background tradicional finance). Sediada em Singapore.
Em pico (early 2022), 3AC tinha estimated $10+ billion em assets under management. Era major counterparty para basically all major crypto institutional lenders: Genesis, BlockFi, Voyager, Celsius. Significant LP em Grayscale GBTC products.
Estrategia que falhou
Trade 1: GBTC arbitrage. Grayscale Bitcoin Trust traded at premium to NAV em 2020-2021. 3AC bought BTC, deposited em Grayscale, received GBTC shares at premium, locked for 6 months, then sold em market with premium. Easy money — until premium turned negative em 2021.
Trade 2: Anchor/UST. 3AC heavily long UST and LUNA. When Terra collapsed em maio 2022, 3AC lost major capital.
Trade 3: stETH leverage. 3AC was leveraged long stETH (Lido staked ETH). When stETH depegged em junho 2022 (3AC crisis cascading), 3AC's leveraged position couldn't be unwound at any reasonable price.
Junho 2022: collapse
8 junho 2022: rumors begin que 3AC has issues meeting margin calls. Specifically related to leveraged GBTC position.
14 junho 2022: BlockFi liquidates 3AC position ($400M loss). Genesis follows com partial liquidations.
27 junho 2022: 3AC files for liquidation em British Virgin Islands court. Su Zhu and Kyle Davies disappear (later confirmed traveling internationally, avoiding Singapore).
Total losses to creditors estimated at $3,5 billion. Major affected: Genesis ($2,4B), BlockFi ($680M), Voyager ($670M), Celsius ($75M), various smaller lenders.
Bankruptcy proceedings
Liquidators Russell Crumpler (Teneo) e Christopher Farmer appointed em BVI. Pursued recovery globally — assets located em Singapore, Hong Kong, multiple jurisdictions.
Recovery: limited. 3AC operating accounts were drained pre-collapse. Personal assets of Su e Kyle (real estate, yacht 'Much Wow' purchased em 2022) had liquidation values fraction of original.
Final recovery to creditors: estimated 8-12% em USD terms. Highest losses entire crypto crisis 2022.
Singapore legal proceedings
Singapore High Court issued contempt orders against Su Zhu e Kyle Davies em 2022-2023 for failing to comply com liquidator demands for information.
Setembro 2023: Su Zhu arrested em Singapore airport (returning to country). Sentenced to 4 months prison for contempt of court. Released early on 2024.
Kyle Davies remained outside Singapore (last reported em Indonesia 2024). Singapore arrest warrant still active em maio 2026.
Civil proceedings em outras jurisdições
USA: Genesis bankruptcy estate filed suits against 3AC, Su Zhu, Kyle Davies in SDNY em 2023. Cases ongoing em 2026 com limited recovery realistic given absence of significant personal assets.
BlockFi bankruptcy: similar suits. Discontinued largely as recovery deemed impractical relative to legal cost.
Singapore class actions: retail investor groups (3AC employees who lost compensation, smaller LPs) pursuing civil. Some settlements em 2024-2025 for nominal amounts.
OPNX e attempted return
Em 2023, Su Zhu, Kyle Davies launched 'OPNX' (Open Exchange) — proposed cripto exchange targeting trading of bankruptcy claims (e.g., Voyager creditor positions). Met with industry rejection and regulatory issues.
OPNX shut down em early 2024 after launching with minimal traction. Subsequent attempts by Su Zhu/Kyle Davies to return to industry have similarly failed.
Em maio 2026, both are considered persona non grata em mainstream cripto. Sporadic public commentary on Twitter mas no operational involvement.
Lições e legacy
Lesson 1: institutional crypto lenders had massive concentration risk. 3AC was 30-50% of major lender books. Single failure cascaded.
Lesson 2: leverage on illiquid positions is catastrophic. GBTC at discount with redemption restrictions, stETH at depeg — leveraged positions couldn't be unwound.
Lesson 3: bankruptcy recovery em cripto is highly limited. 8-12% recovery to creditors of 3AC is significantly lower than typical Chapter 11 ratios em traditional bankruptcies. Crypto assets are easily concealed/moved.
Lesson 4: founder accountability via criminal channels is limited em cripto. Su Zhu got 4 months for contempt. Genuine criminal fraud charges (versus contempt) are difficult given asymmetric jurisdiction issues.
Aviso YMYL: 3AC tragedy continues to shape institutional lending market em 2026. Counterparty diligence is now standard. Diversify any institutional lending exposure across multiple counterparties.