The report revealed that the wife of one of the founders of Three Arrows Capital, or 3AC, which is no more, has sold one of their luxury houses in Singapore.
Sale of Goods Despite Suspension of Goods
Reports have revealed that 3AC founder Zhu Su’s wife, Tao Yaqiong, has successfully sold a real estate property for a staggering $38.5 million despite a court order freezing the couple’s assets following the crypto company’s bankruptcy.
Records showed that Yaqiong, also named Evelyn, started selling the property in July, and it was completed in October.
This mansion occupies an area of ​​1,446 square meters on Dalvey Road, an area close to the Singapore Botanic Gardens. According to Bloomberg News, Yaqiong bought the house in 2020 for an estimated $20.63 million.
The wife of Zhu Su, the founder of the collapsed cryptocurrency hedge fund Three Arrows Capital, has managed to sell a mansion she owns in Singapore for $38.5 million, despite a court freeze against some of the couple’s assets.
— Bloomberg (@business) November 2, 2024
3AC’s Rise and Fall
Zhu and his partner Kyle Davies founded 3AC in 2012. The company used to be one of the most prominent cryptocurrency hedge funds in the world.
The hedge fund is known to profit heavily from cryptocurrencies.
At one point, 3AC boasted assets of over $18 billion. It has invested in popular digital assets such as Solana, Ethereum, Avalanche, Polkadot, and WorldCoin.
However, 3AC experienced a collapse in 2022 after a significant drop in crypto market prices, which led the company to file for Chapter 15 bankruptcy to protect itself from US creditors after the collapse.
Previously, CNBC described 3AC as one of the biggest victims of the so-called “crypto winter”, a long period that saw a sharp drop in cryptocurrency prices, removing billions of dollars of digital assets from the market.
Frozen Goods
In 2023, more than a year after bankruptcy, Teneo, a hedge fund broker, was able to obtain a court order that froze the company’s assets worldwide worth $1.14 billion, preventing Zhu, Davies, and Davies’ wife Kelly Chen from moving or disposing of them. of goods.
Teneo also asserted that 3AC has outstanding obligations to its creditors worth $3.3 billion. The court ordered Teneo to look into the money laundering scheme.
The arbitrator argued that Zhu and Davies should account for 3AC’s deteriorating financial condition “in an amount equal to the amount of the freezing orders sought.”
Among the frozen assets is Zhu and Yaqiong’s residence worth S$48.8 million, located on Yarwood Avenue in Singapore, which the couple bought as trustees in late 2021.
Featured image from Pexels, chart from TradingView