A report revealed that the wife of one of the co-founders of the now-defunct Three Arrows Capital, or 3AC, had sold one of their luxury mansions in Singapore.
Property sales despite asset freeze
Reports indicate that 3AC co-founder Zhu Su’s wife Tao Yaqiong has successfully sold a property for an astonishing price. $38.5 million despite an existing court order to freeze the couple’s assets after the crypto company went bankrupt.
Records showed that Yaqiong, who also goes by the name Evelyn, initiated the sale of the property in July and was not completed until October.
The residence occupies an area of approximately 1,446 square meters in Dalvey Road, an area close to the Singapore Botanic Gardens. According to Bloomberg NewsYaqiong purchased the house in 2020 for approximately $20.63 million.
The wife of Zhu Su, the co-founder of bankrupt cryptocurrency hedge fund Three Arrows Capital, has managed to sell a mansion she owns in Singapore for $38.5 million, despite a court-ordered freeze on some of the other possessions of the couple. https://t.co/fHRj3fAjdA
— Bloomberg (@company) November 2, 2024
The rise and fall of 3AC
Zhu and his partner Kyle Davies set up 3AC in 2012. The company was one of the most prominent cryptocurrency hedge funds in the world.
The hedge fund was known for profiting heavily from cryptocurrencies.
At one point, 3AC has more than $18 billion in assets. It invested in popular digital assets such as Solana, Ethereum, Avalanche, Polkadot and WorldCoin.
However, 3AC faced a decline in 2022 following the massive price drop in the crypto market, which resulted in the company filing for bankruptcy to protect itself from US creditors after it declared bankruptcy.
Previously, CNBC described 3AC as one of the biggest victims of the so-called “crypto winter,” a long period in which cryptocurrency prices plummeted, wiping out billions of dollars of digital assets from the market.
Frozen assets
In 2023, more than a year after filing for bankruptcy, Teneo, the hedge fund’s trustee, was able to obtain a court order that froze the company’s $1.14 billion in global assets, forcing Zhu, Davies and Davies wife Kelly Chen were prohibited from moving or selling. of assets.
Teneo also alleged that 3AC had unrepaid obligations to its creditors worth $3.3 billion. The court ordered Teneo to handle the bankruptcy process.
The liquidator argued that Zhu and Davies should be held responsible for 3AC’s deteriorating financial condition “for an amount equal to the value of the freezing orders sought.”
Among the frozen assets is a residential home owned by Zhu and Yaqiong worth S$48.8 million, located on Yarwood Avenue in Singapore, a property the couple bought as trustees in late 2021.
Featured image from Pexels, chart from TradingView