As a seasoned crypto investor with a keen eye for market trends and a not-so-secret fondness for real estate, I can’t help but be intrigued by this latest turn of events involving the co-founder of Three Arrows Capital (3AC), Zhu Su, and his wife, Tao Yaqiong, or Evelyn as she is also known.
It came to light that a luxury mansion belonging to the partner of one of the founders of the collapsed firm Three Arrows Capital (3AC) was sold, located in Singapore.
Property Sale Despite Asset Freeze
It was revealed that even with a court order freezing their assets due to the collapse of their cryptocurrency firm, 3AC’s co-founder Zhu Su’s wife, Tao Yaqiong, managed to sell a property for an impressive $38.5 million.
The records indicate that a property transaction initiated by Yaqiong (also known as Evelyn) took place in July, and it was completed in October.
Located on Dalvey Road, which is near the Singapore Botanic Gardens, a spacious residence covers approximately 1,446 square meters of land. As reported by Bloomberg News, Yaqiong purchased this property back in 2020 for around $20.63 million.
Despite a court order freezing certain assets, Zhu Su’s wife successfully sold their Singaporean mansion for $38.5 million. This sale took place despite the court-ordered freeze.
— Bloomberg (@business) November 2, 2024
3AC’s Rise And Fall
In the year 2012, Zhu along with his associate, Kyle Davies, founded 3AC (Three Arrows Capital). This firm was renowned as a global leader among cryptocurrency investment funds.
The hedge fund was known for leveraging heavily on cryptocurrencies.
3AC (Three Arrows Capital) once held over $18 billion in assets under management. They put their money into well-known cryptocurrencies such as Solana, Ethereum, Avalanche, Polkadot, and WorldCoin.
3AC (Three Arrows Capital) faced a downturn in 2022 following the significant drop in cryptocurrency market prices. This decline led to the company’s decision to file for Chapter 15 bankruptcy protection, shielding it from U.S creditors, as it had entered liquidation.
Previously, CNBC referred to 3AC as one of the significant losses during what’s been called the “cryptocurrency winter,” a prolonged phase marked by a substantial drop in cryptocurrency values. This downturn resulted in the elimination of billions of dollars worth of digital assets from the market.
Frozen Assets
2023 saw Teneo, acting as the hedge fund’s liquidator, secure a court order one year after filing bankruptcy. This order halted Zhu, Davies, and their wife Kelly Chen from transferring or selling assets valued at approximately $1.14 billion that belonged to the company, globally.
As a researcher, I can confirm that Teneo stated that 3AC (Three Arrows Capital) had outstanding debts totaling approximately $3.3 billion owed to its creditors. Subsequently, the court assigned Teneo the role of overseeing the bankruptcy proceedings for this entity.
In simpler terms, the liquidator contends that Zhu and Davies ought to bear a debt equal to the worth of the asset freezes being requested, as they are responsible for the declining financial condition of 3AC.
In the list of their frozen assets, there’s a residential property valued at S$48.8 million, located on Yarwood Avenue in Singapore. This house was purchased by Zhu and Yaqiong in late 2021, acting as trustees for it.
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2024-11-04 00:31