‘Enjoyable experience’ — Su Zhu loved his 3 months in Singaporean prison

Su Zhu, the co-founder of the collapsed hedge fund Three Arrows Capital, says he had the “best sleep” of his life while serving a nearly three-month-long sentence in Singaporean prison, remarking it was an “enjoyable experience overall.”

In a Jan. 22 post on X, Zhu reflected on his time behind bars through several edited clips from an unreleased podcast, which also featured fellow 3AC co-founder Kyle Davies, pseudonymous OX social media manager “Lukas” and another unknown guest in several edited clips from an unreleased podcast.

“Obviously, no one wants to go to prison, but I think that it was a really enjoyable experience overall,” said Zhu. “All the things they allow you to do still in prison are the things that, like in the ancient days, would still be considered entertainment, right?”

“It’s a really magical feeling, you feel a kinship with your ancestors, this is how I was supposed to live.”

Explaining that there are no beds in Singapore jails, Zhu said that sleeping on the ground decompressed his spine and allowed him to experience the “best sleep” of his life.

Crypto users on X responded with mixed feelings toward Zhu’s apparent philosophical insights.

Laurence Day, the creator of Wildcat Protocol, offered a sarcasm-layered take on Zhu’s insights, describing Zhu as so “terminally online” that only prison could provide the same sense of kinship as a causal walk on the beach for someone else.

Zhu was arrested in Singapore in September last year when he attempted to leav the country after a local court sentenced him to four months in prison for failing to cooperate with an investigation into 3AC’s liquidation.

Related: OPNX token spikes 50% after Su Zhu unexpectedly posts a ‘gm’ on Twitter

3AC imploded on June 16, 2022, when it failed to meet a series of margin calls from its lenders. The resulting fallout tallied over $3.5 billion in losses for its investors, one of the largest hedge-fund trading losses ever.

Shortly after the firm collapsed, Zhu and Davies disappeared. Teneo, the firm in charge of liquidating 3AC’s assets was forced to subpoena the pair via Twitter messages, due to their physical whereabouts remaining unknown to the relevant authorities.

While their physical locations remained a mystery, the pair have been active online, launching a new crypto exchange and bankruptcy claims platform called Open Exchange.

The pair’s troubles are far from over, however, as Teneo is seeking to recover $1.3 billion directly from the founders, claiming that Zhu and Davies took on significant amounts of leverage with investor funds after their hedge fund became insolvent.

In September 2023, Singapore’s central bank issued nine-year prohibition orders to Davies and Zhu over alleged violations of the country’s securities laws at 3AC.

Magazine: MakerDAO’s plan to bring back ‘DeFi summer’ — Rune Christensen