The post Wife of 3AC founder sells Singapore mansion for $38.5 million appeared on BitcoinEthereumNews.com.

Tao Yaqiong, the wife of Zhu Su, co-founder of the bankrupt hedge fund Three Arrows Capital (3AC), sold her Singapore-based mansion for a whopping $38.5 million. She managed to complete the sale despite a court-ordered asset freeze. According to Bloomberg News, property records revealed that Yaqiong began the sale process in July and finalized it last month. Yaqiong, also known as Evelyn, purchased the property in 2020 for S$28.5 million, equivalent to $20.63 million at the time.  The luxury bungalow is located on Dalvey Road, near the Singapore Botanic Gardens, and spans a land area of 15,568 square feet (1,446 square meters). After the purchase, Yaqiong renovated the property. Chrispianto Karim, a Singaporean and member of the Indonesian Karim family, purchased the mansion. The Karim family runs the palm oil company, Musim Mas Group.   The liquidator of Three Arrows, Teneo, secured a global freeze of assets worth $1.14 billion. The assets belong to Zhu, Davies, and Davies’ wife, Kelly Chen. The liquidator claims that 3AC owes about $3.3 billion to its creditors. One of assets that can’t be sold include another mansion situated on Yarwood Avenue in Singapore. Zhu and his wife bought the mansion as trustees for S$48.8 million in late 2021 and tried to sell it in 2022. Zhu also owns another smaller property located at Balmoral Road. What happened to 3AC Zhu Su and Kyle Davies founded Three Arrows Capital (3AC) in 2012. Initially, the company focused on identifying and exploiting small price discrepancies in foreign exchange derivatives. However, the profits were minimal, amounting to just fractions of a cent for each dollar traded. In 2017, banks began restricting 3AC’s activities, leading the firm to fully shift its focus to the cryptocurrency sector.  Three Arrows Capital (3AC) became one of the world’s largest crypto-based hedge funds. At…

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Filed under: News - @ November 2, 2024 6:25 pm