Wife of 3AC Co-Founder Sells Luxury Singapore Mansion Amid Asset Freeze

A recent report has disclosed that the wife of Zhu Su, a co-founder of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), has sold a luxury mansion in Singapore for an impressive $38.5 million, despite a court order freezing their assets following the firm’s bankruptcy.

Tao Yaqiong, also known as Evelyn, initiated the sale in July, with the transaction concluding in October. The mansion, located on Dalvey Road near the Singapore Botanic Gardens, spans approximately 1,446 square meters. Yaqiong originally purchased the property in 2020 for about $20.63 million.

Three Arrows Capital, established by Zhu and partner Kyle Davies in 2012, was once a leading player in the cryptocurrency market, managing assets exceeding $18 billion.

The firm made significant investments in well-known cryptocurrencies such as Solana, Ethereum, Avalanche, Polkadot, and WorldCoin. However, in 2022, it suffered substantial losses during a market downturn, leading to its Chapter 15 bankruptcy filing to protect itself from U.S. creditors amid liquidation proceedings.

Following the bankruptcy, Teneo, the appointed liquidator, secured a court order in 2023 to freeze 3AC’s global assets, which were valued at $1.14 billion, preventing Zhu, Davies, and Davies’ wife Kelly Chen from selling or transferring any of their assets. Teneo indicated that 3AC had liabilities totaling $3.3 billion and that Zhu and Davies could be held responsible for the financial decline of the company, equivalent to the value of the freezing orders.

Among the assets frozen is a residential property on Yarwood Avenue in Singapore, owned by Zhu and Yaqiong, valued at S$48.8 million. The couple acquired this property as trustees in late 2021.