The report shows that the spouse of one of the co-founders of the now-defunct Three Arrows Capital, or 3AC, has sold one of his luxury residences in Singapore.
Sale of real estate despite the freezing of assets
Reports reveal that 3AC co-founder Zhu Su’s wife, Tao Yaqiong, has successfully sold a property for an astonishing amount $38.5 million despite an existing court order freezing the couple’s assets following the bankruptcy of the crypto company.
Documents show that Yaqiong, who also goes by the name Evelyn, began selling the property in July and it was not finalized until October.
The residential residence occupies an area of approximately 1,446 square meters on Dalvey Road, close to the Singapore Botanic Gardens. According to Bloomberg NewsYaqiong bought the house in 2020 for approximately $20.63 million.
The wife of Zhu Su, co-founder of failed cryptocurrency hedge fund Three Arrows Capital, managed to sell a mansion she owned in Singapore for $38.5 million, despite a court-imposed freeze on some of the couple’s other assets. https://t.co/fHRj3fAjdA
— Bloomberg (@business) November 2, 2024
The rise and fall of 3AC
Founded by Zhu and his partner Kyle Davies 3AC in 2012. The company was once one of the most vital cryptocurrency hedge funds in the world.
The hedge fund was known for its bulky operate of cryptocurrencies.
At one point, 3AC boasted assets worth over $18 billion. He has made investments in popular digital assets such as Solana, Ethereum, Avalanche, Polkadot and WorldCoin.
However, 3AC took a hit in 2022 after a massive price drop in the cryptocurrency market, leading to the company filing for Chapter 15 bankruptcy to protect itself from U.S. creditors post-bankruptcy.
Previously, CNBC described 3AC as one of the biggest victims of the so-called “crypto-winter,” a long period in which there was a massive decline in cryptocurrency prices, wiping billions of dollars of digital assets from the market.
Frozen assets
In 2023, more than a year after declaring bankruptcy, hedge fund liquidator Teneo obtained a court order that froze the company’s $1.14 billion in global assets, barring Zhu, Davies and Davies’ wife Kelly Chen from transferring or disposing of the assets.
Teneo also asserted that 3AC has outstanding liabilities 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 liable for 3AC’s deteriorating financial situation “in an amount equivalent to the value of the freezing orders applied for”.
The frozen assets include a A$48.8 million residential home owned by Zhu and Yaqiong on Yarwood Avenue in Singapore – a property the couple bought as trustees in overdue 2021.
Featured image from Pexels, chart from TradingView
