The wife of one of the founders of now-defunct Three Arrows Capital, or 3AC, has sold one of their luxury mansions in Singapore, a report has revealed.
Selling real estate despite freezing assets
Reports have revealed that 3AC co-founder Zhu Su’s wife, Tao Yaqiong, has successfully sold a property for a staggering sum. $38.5 million Despite a current court order freezing the couple’s assets following the bankruptcy of the cryptocurrency company.
Yaqiong, also known as Evelyn, began the process of selling the property in July, and it was only completed in October, records showed.
The residential mansion occupies a land area of approximately 1,446 square meters in Dalvi Road, an area close to the Singapore Botanic Gardens. according to Bloomberg NewsYaqiong purchased the home in 2020 for approximately $20.63 million.
The wife of Cho Su, co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital, has managed to sell a mansion she owned in Singapore for $38.5 million, despite a court-imposed freeze on some of the couple’s other assets. https://t.co/fHRj3fAjdA
– Bloomberg (@business) November 2, 2024
The rise and fall of 3AC
It was founded by Chu and his partner Kyle Davis 3AC In 2012. The company was one of the most prominent cryptocurrency hedge funds in the world.
The hedge fund has been known to profit heavily from cryptocurrencies.
At one point, 3AC boasted assets worth more than $18 billion. It has made investments in popular digital assets such as Solana, Ethereum, Avalanche, Polkadot, and WorldCoin.
However, 3AC faced a decline in 2022 after a significant price decline in the cryptocurrency market, which led to the company declaring Chapter 15 bankruptcy to protect itself from US creditors after going into liquidation.
Earlier, CNBC described 3AC as among the biggest victims of the so-called “crypto winter,” a long period that saw a significant decline in cryptocurrency prices, wiping out billions of dollars in digital assets from the market.
Frozen assets
In 2023, more than a year after declaring bankruptcy, Teneo, the hedge fund liquidator, was able to obtain a court order freezing the company’s global assets worth $1.14 billion, preventing Zhou, Davis, and Davis’ wife Kelly Chen from moving or acting. Of the assets.
Teneo also confirmed that 3AC has outstanding obligations to its creditors worth $3.3 billion. The court ordered Teneo to pursue bankruptcy.
The liquidator argued that Cho and Davies should be held liable for the deterioration of 3AC’s financial position “in an amount equivalent to the value of the freezing orders sought”.
Among the frozen assets is a S$48.8 million residential home owned by Zhou Waiyaqiong, located on Yarwood Road in Singapore, a property the couple bought as trustees in late 2021.
Featured image from Pexels, chart from TradingView