The wife of a co-founder of the bankrupt crypto hedge fund, Three Arrows Capital (3AC), has sold a luxurious mansion in Singapore for a whopping $38.5 million. This sale comes despite a court order freezing the couple’s assets after 3AC went under.
The Sale and the Mansion
Tao Yaqiong, the wife of 3AC co-founder Zhu Su, sold the mansion in October. She had bought it in 2020 for $20.63 million. The mansion is located in Dalvey Road, a prime location near the Singapore Botanic Gardens, and sits on a large plot of land.
3AC’s Rise and Fall
3AC was founded in 2012 by Zhu Su and Kyle Davies. It quickly became one of the biggest names in crypto, known for its aggressive investments in digital assets like Solana, Ethereum, and Avalanche. At its peak, 3AC managed over $18 billion in assets.
However, the company’s fortunes took a turn in 2022 during the “crypto winter,” a period of massive price drops in the crypto market. This led to 3AC’s collapse and subsequent bankruptcy filing.
Frozen Assets and Legal Battles
In 2023, Teneo, the liquidator appointed to handle 3AC’s bankruptcy, obtained a court order freezing the company’s global assets, including a $48.8 million house owned by Zhu Su and Tao Yaqiong in Singapore. The court also ordered Teneo to investigate Zhu and Davies’ actions, claiming they were responsible for 3AC’s financial downfall.
Despite the asset freeze, Tao Yaqiong was able to sell her mansion, raising questions about how the sale was approved and whether it was legal. The sale highlights the complexities and ongoing legal battles surrounding 3AC’s bankruptcy.
