According to Chinese reporter Colin Wu, Three Arrows co-founder Zhu Su is rumoured to have put up his mansion in Singapore for sale per some real estate agents, but it has not been indicated on any public platform.
Is Zhu Su giving up his properties after 3AC’s liquidation?
A court order from the British Virgin Islands recently liquidated crypto hedge fund Three Arrows Capital (3AC) after weeks of trouble following the meltdown of TERRA/LUNA where the hedge fund had apparently opened a huge UST position in Terra’s Anchor Protocol.
Following 3AC’s liquidation, there is a rumour that its co-founder Zhu Su is now giving up his properties for sale, specifically the mansion he bought for his three year old in 2021.
Zhu Su and his wife, Tao Yaqiong Evelyn, snagged the Good Class Bungalow (GCB) at Yarwood Avenue in Bukit Timah area in Singapore for S$48.8 million in December 2021 but finished processing it earlier this year. Notedly only a Singaporean can own one of such properties.
The building Spans 31,862 square feet, it is S$1,532 per square foot (psf), the property was deemed as a “trustee” for their child. The rumour has not been confirmed from Zhu Su as this is still a developing story.
MAS states 3AC’s investigation is still ongoing despite liquidation
Singaporean news website The Straits Times, reported earlier that Three Arrows Capital will face Singapore’s financial censure for giving false info and exceeding Assets under Management limit. 3AC was allowed to only serve up to 30 qualified investors and manage assets of approximately $250 million.
The regulator listed three breaches by the crypto hedge fund which includes 3AC’s failure to notify the Monetary Authority of Singapore (MAS) of changes made with the status of Mr Zhu and co-founder Kyle Davies in the firm before a deadline.
The hedge fund also provided misleading information, 3AC told the MAS it had moved the management of its fund to an unrelated offshore entity last year, but this was misleading because Zhu Su was a shareholder of both 3AC and the offshore entity.
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