Wife of disgraced crypto hedge fund co-founder Zhu Su sells Dalvey Road mansion for S$51 million

The wife of Zhu Su, the co-founder of collapsed cryptocurrency hedge fund Three Arrows Capital, sold a mansion near Singapore Botanic Gardens for S$51 million.

The sale was completed last month, though a court-imposed freeze order against some of the couple's other assets remains in place, Bloomberg reported.

The house sits on 1,446 square meters or 15,568 square feet of land at Dalvey Road.

Tao Yaqiong, also known as Evelyn, bought the house for S$28.5 million in 2020. She had since redeveloped it.

Three Arrows Capital

Zhu, 37, and co-founder Kyle Davis built Singapore-based Three Arrows Capital (3AC) into one of the world's largest crypto-native hedge funds.

3AC filed for bankruptcy protection from creditors in the U.S. on Jul. 2, 2022.

This was after a British Virgin Islands court ordered for the company's liquidation at the end of June 2022.

The Monetary Authority of Singapore (MAS) reprimanded 3AC for providing false information to MAS and exceeding the amount of funds it was allowed to manage.

The firm's downfall was caused by the crypto crash, started by the collapse of “algorithmic stablecoin” Terra in May 2022 and the failure of the crypto bank Celsius in June 2022.

3AC had been deeply invested in a number of troubled cryptocurrency projects, including Terra, as well as Axie Infinity, a “play to earn” game that lost almost US$700 million (S$977 million) to a hack from North Korea in 2021, and BlockFi, a centralised cryptocurrency exchange that laid off hundreds of staff in mid-June 2022.

The company also had sizeable leveraged investments in Bitcoin, Ethereum, and other cryptocurrency assets, all of which saw falls in value of up to 60 per cent in the first half of 2022.

Arrested in September 2023

Zhu was arrested at Changi Airport on Sep. 29, 2023 while attempting to leave the country. 

He was sentenced to four months in jail after failing to cooperate with the task of winding up 3AC, such as closing the operations of the business, selling off assets, and paying off creditors.

Management consulting company Teneo estimated creditors are owed roughly US$3.3 billion (approximately S$4.4 billion) overall, while liquidators are seeking to recover US$1.3 billion (approximately S$1.7 billion) from Zhu and Davies.

Singapore's central bank has also imposed nine-year prohibition orders on both 3AC founders for risk management failings and providing false information.

Yarwood Avenue bungalow

Zhu was born in China, and has been a citizen of Singapore since 2016. His wife and son are also Singapore citizens.

He previously made headlines in late 2021 after he and Tao bought a Good Class Bungalow (GCB) in Yarwood Avenue worth S$48.8 million in a trust under their son's name.

Zhu once spoke about "buying all the good class bungalows in Singapore".

Thinking about buying all the good-class bungalows in Singapore and turning them into parks & regenerative farming#Bitcoin $BTC

— 朱溯 (3/AC) (@zhusu) January 29, 2021

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Top photo via Google maps and Zhu Su/Instagram