Singapore Police Confirm Arrest of Three Arrows Capital Co-founder
The Singapore police have seemingly confirmed the arrest of Su Zhu, the co-founder of Three Arrows Capital (3AC). When asked to confirm if the man arrested last week was Su Zhu, the police responded that a 36-year-old man was indeed arrested at Changi Airport on September 29.
Last week, Teneo, the firm handling the liquidation of the bankrupt crypto hedge fund, announced that Zhu was arrested at Changi Airport when he was attempting to leave the country.
Co-founder Kyle Davies Remains at Large
While Su Zhu has been arrested, his fellow co-founder of 3AC, Kyle Davies, is still at large. Teneo revealed that committal orders were obtained against both Zhu and Davies from Singapore Courts due to their failure to cooperate with liquidation investigations.
Liquidators Working to Recover Assets
Zhu and Davies have been sentenced to four months in prison upon arrest. During Zhu’s prison sentence, the liquidators will work with him to recover assets belonging to 3AC, including assets purchased with funds sourced from the hedge fund.
Ban on Regulated Investment Activity and Debt Owed
The Monetary Authority of Singapore recently banned Zhu and Davies from conducting regulated investment activity in Singapore for nine years. The liquidators are seeking to recover $1 billion from the co-founders, as the hedge fund suffered significant losses in 2022 and owes creditors around $3 billion.
Su Zhu’s Wife Converts Villa Into Urban Farm
In the midst of these legal troubles, Su Zhu’s wife, Evelyn Tao, has repurposed their luxurious Singapore home into an urban farm called Yarwood Homestead. The farm now cultivates vegetables, fruits, herbs, and also raises chickens and ducks.
Luxurious Villa Leased for Private Events
The villa, originally purchased for $35.6 million in March last year, not only serves as an agricultural hub but is also leased by high-end clients for private dining events and guided tours.
Hot Take: Three Arrows Capital Co-founder Arrested in Singapore
The arrest of Su Zhu, co-founder of Three Arrows Capital, by Singaporean authorities has raised questions about the future of the bankrupt crypto hedge fund. With his fellow co-founder Kyle Davies still on the run, liquidators are working to recover assets and pay off the fund’s massive debt. Meanwhile, Zhu’s wife has transformed their luxurious villa into an urban farm, showcasing a different side to their lifestyle amidst the legal turmoil. The outcome of this case will have significant implications for the cryptocurrency industry and its regulatory environment in Singapore.
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