The co-founder of crypto hedge fund Three Arrows Capital (3AC), Zhu Su, is facing financial troubles as his wife, Evelyn Tao, sells one of their properties in Singapore. 3AC collapsed in 2022 after bad investments in the crypto market. The company owes creditors $3.3 billion, and other assets worth $1.14 billion remain frozen by court order.
Tao sold the luxury mansion for $38.5 million, even though a court-ordered freeze was placed on some of the couple’s assets. The sale included a good class bungalow located near the Singapore Botanic Gardens, and the buyer was identified as Chrispianto Karim, a Singapore citizen reportedly connected to the Indonesian Karim family, which controls the palm oil conglomerate Musim Mas Group.
The sale comes amidst ongoing legal and financial troubles faced by 3AC and its founders. The cryptocurrency hedge fund collapsed in 2022 following a series of unsuccessful investments during a broader crypto market downturn. Zhu and his co-founder, Kyle Davies, were banned from conducting regulated financial activities in Singapore for nine years.
Zhu also served a brief jail term in 2023 for failing to cooperate with 3AC’s liquidation process. The liquidation process continues under the supervision of Teneo, the company’s liquidators, as they work to recover assets for creditors. The liquidators maintain that Zhu and Davies bear responsibility for 3AC’s deteriorating financial state.
