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Home News Latest News

US Judge Orders 3AC Co-founder to Respond to Subpoena or Face Consequences

24 March 2023
in Latest News, News
Reading Time: 3 mins read
104 5
US Judge Orders 3AC Co-founder to Respond to Subpoena or Face Consequences

Image source: theblock.co

Kyle Davies, the co-founder of the now-bankrupt cryptocurrency hedge fund, Three Arrows Capital (3AC), has been ordered to respond to a subpoena he was served in January or risk being held in contempt of court.

The subpoena required Davies to provide documents, including private keys and seed phrases, as well as any business communications and other relevant company-related information to 3AC’s liquidators within 14 days. The subpoena was sent to Davies on January 5, 2023, through Twitter as he was absent in court.

On March 22, 2023, United States Bankruptcy Judge, Martin Glenn, approved a motion to compel filed by the liquidators after Davies refused to respond to the subpoena. The judge remarked that Davies has the option to refute the claims made by the 3AC liquidators, “or he could fail to appear as he has done so far, and, frankly, take his chances.

A motion to compel is a legal request to the court to require one party to provide evidence to the other party that filed the motion. On the other hand, a subpoena is a written order that requires a witness to appear in court or at a legal proceeding and give testimony or provide evidence. 

The court determined that the motion and order granting the subpoena are not the final say on its enforcement. It ruled that Davies has another opportunity to appear, contest the jurisdiction of the subpoena, and make any other relevant claims regarding its execution.

The current location of Davies and his business partner, Su Zhu, with whom he co-founded 3AC, is unknown. However, Davies recently tweeted a picture from Bali on March 23, 2023, while Zhu posted an image that suggests he is currently in Dubai.

There would be peace on Earth if we all spent more time in Bali pic.twitter.com/OgA35g81BE

— Kyle Davies (@KyleLDavies) March 23, 2023

Meanwhile, Teneo has announced that it will begin selling some of the NFT collections it possesses as part of the liquidation process for Three Arrows Capital (3AC). The sale is set to commence on March 28, 2023, as stated in a letter delivered by the liquidation firm to its clients.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: 3AC
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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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