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Cryptocurrency News Articles

Wife of Defunct 3AC Founder Zhu Su Sells Singapore Mansion for $38.5M Despite Court Order

Nov 02, 2024 at 07:30 pm

The wife of the defunct Three Arrows Capital (3AC) founder, Zhu Su, has reportedly sold a mansion in Singapore for S$51 million (US$38.5 million).

Wife of Defunct 3AC Founder Zhu Su Sells Singapore Mansion for $38.5M Despite Court Order

Three Arrows Capital (3AC) co-founder Zhu Su's wife has reportedly sold a Singapore mansion for S$51 million (US$38.5 million), according to a property record accessed by Bloomberg on Monday.

The sale of the property in July, which was completed last month, comes despite a court order freezing some of the couple's assets.

The house is a bungalow on 1,446 square meters of land at Dalvey Road, near the Singapore Botanic Gardens, the record showed. It was bought by Tao Yaqiong, also known as Evelyn, in 2020.

3AC, a once-prominent crypto hedge fund founded by Zhu Su and Kyle Davies, collapsed in 2022 after a series of bad decisions amid a declining cryptocurrency market.

Su, who was once known for boasting on social media about buying all the good-class bungalows in Singapore and turning them into parks and regenerative farming, saw his fortunes nosedive following the unfortunate 3AC collapse.

Around one year after the infamous 3AC collapse, Singapore's financial regulator imposed a lengthy ban on Su and Davies, prohibiting them from conducting regulated financial activities in the city for nine years.

In addition to the ban, Su served a brief jail term for failing to cooperate with the authorities over the terms for winding down 3AC.

Following an allegation that 3AC owed creditors about US$3.3 billion, Teneo, the firm's liquidators, got the court to freeze assets belonging to Su, Davies, and Davies' wife.

One notable asset that Teneo acquired a disposal ban for is a mansion on Singapore's Yarwood Avenue, which Su reportedly bought with his wife for S$48.8 million in late 2021 in their role as trustees and sought to sell in 2022.

Teneo also obtained a judgment to dispose of another house owned by Su on Balmoral Road.

There are no reports that the property sold by Evelyn was among those frozen by the court.

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