Three Arrows Capital co-founder Su Zhu says Singapore prison was ‘enjoyable’

Zhu says he slept well in Singapore lock-up

Su Zhu, co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital, said that the time he did in a Singapore prison was “enjoyable.”

Zhu, who served three months behind bars after failing to cooperate with Singaporean authorities, has begun promoting a new exchange, OPNX, which has an office registered in Hong Kong, the South China Morning Post reported.

“Obviously no one wants to go to prison,” Zhu said in a video clip shared widely on X. “But I think that it’s actually a really enjoyable experience overall.” He said the video will be part of a future podcast.

“I had the best sleep of my life in prison,” he added.

Zhu co-founded OPNX last year with Kyle Davies, another Three Arrows co-founder, and Mark Lamb, ex-CEO of collapsed crypto derivatives exchange CoinFlex.

OPNX registered an office in Hong Kong last May, just ahead of new crypto regulations that took effect in June and gave exchanges a year to secure licences, the SCMP said.

BlackRock’s IBIT is first to $2bn in AUM

BlackRock’s iShares Bitcoin ETF, or IBIT, is the first of the new spot Bitcoin products to reach $2 billion in assets under management, CoinDesk reported.

Next to reach $2 billion AUM will probably be Fidelity’s Wise Origin Bitcoin Fund, which came up just short at the end of the week.

Crypto mining energy consumption may increase 30% by 2026

The International Energy Agency projects electricity consumption from crypto mining and artificial intelligence to increase 30% by 2026, it said in a report, with crypto and related activities reaching the level of Japan’s energy use.

In 2023, Bitcoin mining consumed 120 TWh, up from 110 TWh in 2022. By 2026, crypto mining will consume 160 TWh, according to the report.

Crypto market movers

• Bitcoin is down 0.06% today at $38,467.60.
• Ethereum is up 0.05% today at $2,088.04.

What we’re reading

• OpenSea chief says NFT platform is ‘open-minded’ towards acquisitions — including its own — DL News
• Why Is Everyone Suddenly Bearish About Bitcoin? — CoinDesk
• Parataxis Hedge Fund Gains 341% With Bets on Revival in Crypto — Bloomberg