Wife of founder of failed crypto hedge fund sells Singapore mansion for $38 million

The wife of Zhu Su, the co-founder of failed cryptocurrency hedge fund Three Arrows Capital, has managed to sell her Singapore mansion for S$51 million ($38.5 million), despite a court-ordered seizure of some other members of the couple. resources.

The sale of Tao Yaqiong, also known as Evelyn, was signed in July and completed last month, according to real estate records reviewed by Bloomberg News. The so-called good class bungalow is located on a 1,446 square meter (15,568 sq ft) plot on Dalvi Road, close to the Singapore Botanic Gardens. Tao bought the house for S$28.5 million in 2020 and has since renovated it.

Zhu, along with co-founder Kyle Davis, once built 3AC into one of the world’s largest cryptocurrency hedge funds. But it collapsed in 2022 after a series of bad bets amid a broader crypto collapse and a wave of crashes in the sector.

Since then, Zhu, who once boasted on social media that he had “bought up every good class bungalow in Singapore”, has seen his condition deteriorate further. In 2023, Singapore’s financial regulator imposed a nine-year ban on Zhu and Davis from conducting regulated financial activities in the city, and Zhu was briefly jailed for several months last year for refusing to cooperate with the effort to dismantle Three Arrows.

Teneo, the liquidators of 3AC, last year successfully secured a freeze on $1.14 billion in worldwide assets of Zhu, Davis and Davis’ wife Kelly Chen, alleging that the fund’s creditors were owed approximately $3.3 billion.

Assets subject to the sale ban include another mansion on Yarwood Avenue in Singapore, which Zhu bought with his wife for S$48.8 million at the end of 2021 as trustees and tried to sell in 2022, as previously reported Bloomberg News. It also includes another smaller home owned by Zhu on Balmoral Road.

Teneo did not respond to a phone call and email sent after hours. Zhu did not immediately respond to a message sent via social media.

Records show that Dalvi’s house was purchased by Crispianto Karim, a Singaporean. The Business Times, which previously reported on the deal, said he is a member of the Indonesian Karim family, which controls the Musim Mas Group, a palm oil conglomerate headquartered in Singapore.