A report revealed that the spouse of one of the co-founders of the now-defunct Three Arrows Capital, or 3AC, sold one of their luxurious mansions in Singapore.
Property Sale Despite Asset Freeze
Reports disclosed that 3AC co-founder Zhu Su’s wife, Tao Yaqiong, successfully sold a real estate property for an astounding $38.5 million despite an existing court order freezing the couple’s assets after the crypto company went bankrupt.
Records showed that Yaqiong, who also goes by the name of Evelyn, initiated the property sale in July, and was only finalized in October.
The residential mansion occupies a land area of about 1,446 square meters in Dalvey Road, an area close to the Singapore Botanic Gardens. According to Bloomberg News, Yaqiong bought the house in 2020 for roughly $20.63 million.
The wife of Zhu Su, the co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital, has managed to sell a mansion she owns in Singapore for $38.5 million, despite a court-imposed freeze against some of the couple’s other assets. https://t.co/fHRj3fAjdA
— Bloomberg (@business) November 2, 2024
3AC’s Rise And Fall
Zhu and his partner Kyle Davies established 3AC in 2012. The company used to be one of the most prominent cryptocurrency hedge funds in the world.
The hedge fund was known for leveraging heavily on cryptocurrencies.
At one point, 3AC boasts more than $18 billion worth of assets. It made investments on popular digital assets like Solana, Ethereum, Avalanche, Polkadot, and WorldCoin.
However, 3AC encountered a falloff in 2022 after the huge decline of prices in the crypto market, resulting in the company’s filing of Chapter 15 bankruptcy to protect itself from US creditors after falling into liquidation.
Earlier, CNBC described 3AC as among the biggest casualties of the so-called “crypto winter”, a lengthy period that saw a huge decline in cryptocurrency prices, wiping out billions of dollars of digital assets in the market.
Frozen AssetsIn 2023, more than a year after filing bankruptcy, Teneo, the hedge fund’s liquidator, was able to obtain a court order that froze the company’s global assets worth $1.14 billion, forbidding Zhu, Davies, and Davies’ wife Kelly Chen to move or dispose of assets.
Teneo also asserted that 3AC had unsettled obligations to its creditors worth $3.3 billion. The court instructed Teneo to look after the bankruptcy process.
The liquidator argued that Zhu and Davies should be held accountable for the deteriorating financial state of 3AC “by an amount that is equivalent to the value of the freezing orders sought.”
Among the frozen assets is a residential house owned by Zhu and Yaqiong worth S$48.8 million, situated at Yarwood Avenue in Singapore, a property that the couple bought as trustees in late 2021.
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