A report revealed that the spouse of one in all the co-founders of the now-defunct Three Arrows Capital, or 3AC, sold one in all their luxurious mansions in Singapore.
Property Sale Despite Asset Freeze
Reports disclosed that 3AC co-founder Zhu Su’s wife, Tao Yaqiong, successfully sold an actual 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 near the Singapore Botanic Gardens. In accordance with Bloomberg News, Yaqiong bought the home 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 a few 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 corporate was one of the vital distinguished cryptocurrency hedge funds on the planet.
The hedge fund was known for leveraging heavily on cryptocurrencies.
At one point, 3AC boasts greater than $18 billion price of assets. It made investments on popular digital assets like Solana, Ethereum, Avalanche, Polkadot, and WorldCoin.
Nevertheless, 3AC encountered a falloff in 2022 after the large decline of costs within the crypto market, leading to the corporate’s filing of Chapter 15 bankruptcy to guard itself from US creditors after falling into liquidation.
Earlier, CNBC described 3AC as amongst the largest casualties of the so-called “crypto winter”, a lengthy period that saw an enormous decline in cryptocurrency prices, wiping out billions of dollars of digital assets out there.
Frozen Assets
In 2023, greater than a 12 months after filing bankruptcy, Teneo, the hedge fund’s liquidator, was in a position to obtain a court order that froze the corporate’s global assets price $1.14 billion, forbidding Zhu, Davies, and Davies’ wife Kelly Chen to maneuver or get rid of assets.
Teneo also asserted that 3AC had unsettled obligations to its creditors price $3.3 billion. The court instructed Teneo to take care of the bankruptcy process.
The liquidator argued that Zhu and Davies ought to be held accountable for the deteriorating financial state of 3AC “by an amount that’s such as the worth of the freezing orders sought.”
Among the many frozen assets is a residential house owned by Zhu and Yaqiong price S$48.8 million, situated at Yarwood Avenue in Singapore, a property that the couple bought as trustees in late 2021.
Featured image from Pexels, chart from TradingView