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Su Zhu and Kyle Davies Disappear Amid Creditors Seeking Emergency Hearing 

Daily Market Wrap

  • Crypto market cap: 0.88 trillion, down 2.98%

  • BTC price stands at USD 19,941, down 3.04%

  • ETH price stands at USD 1,092, down 5.22%

  • Top gainer: Polygon (MATIC), up 4.96%

  • Top loser: Uniswap (UNI), down 8.80%

News of the Day

Why it matters:

  • A court hearing is scheduled for Tuesday morning in New York; creditors are seeking to freeze Three Arrows’ assets

  • Lawyers said that the crypto hedge fund’s founders, identified as Su Zhu and Kyle, have not been cooperative in the proceedings and that their current location remains unknown

  • Su Zhu and Kyle were present on an initial Zoom call, but they turned off their video camera and would not respond to questions — only the founders’ legal representatives answered questions

Crypto Daily Spotlight

Brief introduction: Terra is a decentralised stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilise the price of the protocol’s stablecoins. Starting on May 9, Terra (Luna) collapsed, losing more than 99 percent of its value due to its link to terraUSD (UST), a stablecoin which was pegged to the US dollar.

Why it matters:

  • More than 48 projects have begun migrating to Polygon two months after the Terra ecosystem collapsed

  • “Terra projects have begun migration. Over 48 projects and counting… including OnePlanet_NFT, an exclusive 0xPolygon marketplace, and DerbyStars_HQ,” Polygon Studios CEO, Ryan Wyatt, tweeted on Monday

  • “For any project that wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance,” a spokesperson from the Polygon ecosystem team said

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Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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