Three Arrows Capital (also known as 3AC or TAC) was a Singapore-based cryptocurrency hedge fund which was ordered to liquidate on 27 June 2022 by a court in the British Virgin Islands.

[citation needed] Kyle Davies and Su Zhu first met at Phillips Academy, and both studied at Columbia University before working for Credit Suisse for brief spells before setting up Three Arrows in 2012.

The firm backed projects including Aave,[13] Avalanche, Luna,[14] Worldcoin,[15] BlockFi,[16] Deribit,[14] Ethereum,[14] Polkadot,[14] Solana,[14] and WOO Network.

[17] According to a January 2021 SEC filing, Three Arrows owned almost 39 million units of Grayscale Bitcoin Trust (GBTC) at the end of 2020.

[30] On 22 June, The Wall Street Journal reported that Three Arrows had failed to repay money lent from cryptocurrency broker Voyager Digital.

[31] On 27 June 2022, Voyager Digital issued a notice of default against Three Arrows for failing to make the required payments on a Bitcoin and USD Coin loan worth more than $665 million.

[35] The firm's CEO, Stephen Ehrlich, attributed the decision in part due to Three Arrows' inability to pay back its loan from Voyager.

[42] Since 2022, Zhu and his family relocated to Singapore, where they lived in a "good-class bungalow" with a "permaculture farm — an elaborate system of lakes and gardens meant to replicate self-sustaining ecosystems in nature.

[46] In late 2022, Zhu and Davies started another cryptocurrency-related venture called Open Exchange based in Hong Kong to some negative reactions from financial institutions and investors.

[47] In June 2023, Open Exchange began offering its own cryptocurrency, and Davies commented on Twitter that "I'm getting early 3AC vibes all over again...

However, the token’s launch was met with criticism due to its high concentration of insider-held supply and limited liquidity on decentralized exchanges, leading to significant price volatility.