Summary
- Kyle Davies, the co-founder of collapsed Singaporean crypto hedge fund Three Arrows Capital (3AC), is facing potential contempt of court charges due to his failure to respond to a subpoena.
- The estate of 3AC has filed a legal document requesting the court to impose a daily fine on Davies for intentionally disregarding prior requests.
- In March 2021, Kyle Davies and Su Zhu finalized a funding round for their OPNX exchange, advancing plans to acquire the remaining assets of CoinFLEX.
Subpoena Requested from Kyle Davies
Amid the ongoing legal proceedings surrounding the collapse of Singaporean crypto hedge fund Three Arrows Capital (3AC), the co-founder Kyle Davies is facing potential contempt of court charges. This is due to his failure to respond to a subpoena requesting information related to the firm’s bankruptcy. The estate of the collapsed hedge fund has filed a legal document requesting the court to impose a daily fine of $10,000 on Davies, citing his intentional disregard of prior requests.
Judge Glenn’s Order
Last March, Judge Martin Glenn ordered Davies to comply with a subpoena by April 13, but the liquidators claim 3AC’s co-founder “failed to comply or respond in any way.” Additionally, documents highlight the entrepreneur’s extravagant lifestyle and substantial profits accumulated from managing the bankrupt business. These documents include a subpoena dated January 5th, 2023 which requests production of documents as well as permission for inspection 3AC’s premises in connection with bankruptcy proceedings.
Bankruptcy Filing & Acquisition Plans
3AC filed for bankruptcy in July 2022 after experiencing major losses as result from TerraUSD stablecoin collapse in May 2022. In March 2021 however, Kyle Davies and Su Zhu finalized funding round for their OPNX exchange with plans acquire remaining assets CoinFLEX; although investors have not been disclosed yet.Legal Action Against Kyle Davis
Due being unresponsive subpoenas issued by court appointed joint liquidators , there are now demands for holding Kyle Davis accountable through fines or other sanctions . Documents suggest that if action taken against him it will be direct result from willfully ignoring previous orders given by judge Martin Glenn .
< h2 > Conclusion
Ultimately , situation involving Kyle Davis involves complex series events culminating into potential consequences . From issuing subpoenas demanding response , filing legal document fines , and refusal acknowledge prior orders – it appears that this case may soon be coming end after long string events .