Police did not reveal the name or provide further comment to Reuters. 3AC liquidator Teneo said last week that Zhu had been arrested, but city officials haven’t fully confirmed the move yet.

3AC’s other co-founder, Kyle Davies, remains at large and his location remains unknown. Both founders are the subject of a committal order sentencing him to four months’ imprisonment due to failure to comply with a court order.

Once one of the crypto industry’s premier funds, 3AC lost billions of dollars after a series of bad trades and investments across 2021 and 2022, leading to the fund shuttering and sending a ripple effect across the broader market. The fund now owes creditors some $2.8 billion – and both Davies and Zhu have seemingly been on the run from relevant authorities since last year.