3AC Co-Founder Seeks Singapore Citizenship to Avoid US Court

• Kyle Davies, co-founder of the now-defunct 3AC, has contested the authority of the United States, asserting his legitimate citizenship in Singapore.
• He submitted documents claiming he had renounced US citizenship in December 2020 and acquired Singaporean citizenship in January 2021.
• The move was triggered by a subpoena requested by 3AC liquidators to investigate the circumstances behind the collapse of the crypto hedge fund.

3AC Co-Founder Asserts Singapore Citizenship

Kyle Davies, co-founder of the now defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has asserted his legitimate Singaporean citizenship as an attempt to evade US court jurisdiction. On August 1st, Davies presented duly attested copies of a form that documented his renunciation of US citizenship back in December 2020. His legal team is invoking this new status to argue that any orders or demands from US courts are invalid due to their lack of jurisdiction over him.

Subpoena From 3AC Liquidators

The situation began when liquidators from 3AC issued a subpoena for both founders, Kyle Davies and Su Zhu. They alleged that they had deliberately withheld documents necessary for bankruptcy proceedings despite proclaiming cooperation with court demands. As their physical whereabouts were unknown at the time, they were served via Twitter in January 2021.

Contempt Of Court Allegations

However, when Davies ignored this subpoena it led to heated arguments about whether he was willfully contempting court orders or not – which could result in a daily fine of $10,000 if proven true. Fortunately for Zhu Su, as he is a Singaporean national living outside America it may exempt him from being subject to US subpoenas due to laws protecting citizens abroad from legal proceedings initiated by foreign powers.

Unwavering Renunciation Stance

Davies’ refusal to accept bankruptcy court jurisdiction stems from his unwavering stance on his renounced US citizenship and consequent expression of refusal towards subjecting himself under American authority once again.

„Good Karma“ Donation

­­ ­ ­ ­ ­ ­ ­ ­ —                                                                                                                                                   Despite this legal battle between Kyle Davies and the US court system playing out publicly, both founders have expressed intent to donate future earnings towards paying off creditors citing “good karma” as their motivation – likely stemming from guilt regarding recent events surrounding 3AC’s insolvency declaration earlier this year.