(Bloomberg) — 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 S$51 million ($38.5 million), despite a court-ordered freeze of some of the couple’s other assets.
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The sale by Tao Yaqiong, also known as Evelyn, was signed in July and completed last month, according to property records obtained by Bloomberg News. The so-called good class bungalow is located on 1,446 square meters (15,568 square feet) of land on Dalvey Road, near the Singapore Botanic Gardens. Tao bought the house in 2020 for S$28.5 million and has since redeveloped it.
Zhu, together with co-founder Kyle Davies, built 3AC into one of the world’s largest crypto-native hedge funds. But it imploded in 2022 after a series of bad bets, amid a broader crypto boom and a wave of industry collapses.
Since then, Zhu, who once bragged on social media about “buying all the good bungalows in Singapore”, has seen his fortunes deteriorate further. In 2023, Singapore’s financial regulator imposed a nine-year ban on Zhu and Davies from conducting regulated financial activities in the city, and Zhu was briefly jailed for a few months last year for failing to cooperate in the task of shutting down Three Arrows to wind up.
Teneo, the administrators of 3AC, last year successfully applied for a $1.14 billion global freeze on the assets of Zhu, Davies and Davies’ wife Kelly Chen, arguing that the fund’s creditors owed around $3.3 billion are.
Assets subject to the sales ban include another mansion on Singapore’s Yarwood Avenue, which Zhu bought with his wife for S$48.8 million in late 2021 in their roles as trustees, and which he wanted to sell in 2022 sales, Bloomberg News previously reported. It also includes another smaller house owned by Zhu in Balmoral Road.
Teneo did not respond to a phone call and email sent outside business hours. Zhu did not immediately respond to a message sent via social media.
The Dalvey home was purchased by Chrispianto Karim, a citizen of Singapore, records show. The Business Times, which previously reported on the transaction, said he is a member of Indonesia’s Karim family, which controls Musim Mas Group, a palm oil conglomerate headquartered in Singapore.
–With help from Annie Lee.
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