- The bungalow was bought by Evelyn for about $28.5 million at the time the world was hit adversely by the pandemic, COVID-19.
- The recent purchase was done by Chrispianto Karim, a native of Singapore.
- Three Arrows Capital was once counted as one of the world’s largest crypto-native hedge funds and the milestone was made possible by Zhu and the other co-founder Kyle Davies
A great mansion worth $51 million in Singapore owned by the wife of Zhu Su, the co-founder of Three Arrows Capital has been sold out. Zhu Su has so far filed for bankruptcy and the court has also frozen some of the other assets of him and his wife.
Bloomberg News has seen the property records and reported that Tao Yaqiong Evelyn, the wife of Zhu Su, signed over the papers in July 2024 and completed the sale in October 2024. If we talk about the dimensions of the massive bungalow, it stands for about 1,446 square meters.
It is situated at Dalvey Road, near the Singapore Botanic Gardens. The bungalow was bought by Evelyn for about $28.5 million at the time the world was hit adversely by the pandemic, COVID-19.
Three Arrows Capital was once counted as one of the world’s largest crypto-native hedge funds and the milestone was made possible by Zhu and the other co-founder Kyle Davies. After that the tables got turned upside down and it collapsed in 2022 after continuing bad bets, in between a wider crypto rush.
How did Three Arrows Capital collapse?
As reported by the Financial Times, on 16 June 2022, the company was not able to meet the margin calls and also it wasn’t able to pay back the money granted by Voyager Digital, a crypto trading platform. Due to this, Voyager Digital sent a notice of default to the firm for not making the said payments for a Bitcoin and USD Coin loan worth over $665 million.
At the same time, the court in the British Virgin Islands ordered the liquidation of Three Arrows Capital and finally on July 2, 2022 the company filed for Chapter 15 bankruptcy to safeguard the US assets from creditors.
The Chief executive officer of Voyager Digital, Stephen Ehrlich stuck on this decision in part because the cryptocurrency hedge fund was not able to pay back the loan.
As per the liquidation papers of the court, both the co-founders were not cooperating in the process, also the situation was not known as of July 8, 2022. They gave an interview to Bloomberg in which they mentioned that they were planning to shift to the UAE.
The new owner of the mansion
As mentioned earlier, many assets were banned by the court including Yarwood Avenue of Singapore. This mansion was bought by the co-founder for Evelyn for $48.8 million at the end of 2021 and looked around for sale in 2022.
More assets include other small houses situated in Balmoral Road. The recent purchase was done by Chrispianto Karim, a native of Singapore. The Business Times has reported that the new owner is a member of the Karim family from Indonesia. He is responsible for functioning Muslim Mas Group, a palm oil business from Singapore.
