SINGAPORE: In a dramatic twist stemming from the catastrophic downfall of the once-dominant cryptocurrency hedge fund Three Arrows Capital (3AC), Evelyn Zhu, known formally as Tao Yaqiong, has successfully sold her extravagant Singapore mansion for an astonishing S$51 million ($38.5 million).

This sale occurs despite a court-imposed freeze that has impacted several of the couple’s assets, throwing their financial stability into turmoil. According to property records from Bloomberg News, the sale was finalized last month, even though plans for the transaction began in July.

The opulent bungalow, located on Dalvey Road adjacent to the serene Singapore Botanic Gardens, spans 1,446 square meters (15,568 square feet). Evelyn had purchased this luxurious haven for S$28.5 million back in 2020 and has since invested significantly in renovations, transforming it into a palace of modern living.

Zhu Su, along with co-founder Kyle Davies, had once propelled 3AC to becoming a major force in the fast-paced cryptocurrency sector. However, their fortunes took a nosedive in 2022, largely due to a series of ill-fated investment decisions that coincided with a widespread decline in the crypto market. As the storm of financial mismanagement raged on, Zhu's personal and professional landscape has deteriorated drastically.

In a crushing blow to their operations, in 2023, Singapore's financial regulatory authority imposed a staggering nine-year ban on both Zhu and Davies from participating in any regulated financial activities. Furthermore, Zhu experienced a brief incarceration last year when he failed to cooperate in the winding-down process of 3AC, compounding their dire situation.

The liquidators for 3AC, Teneo, successfully achieved a global asset freeze amounting to $1.14 billion against Zhu, Davies, and Davies’ wife, Kelly Chen. This drastic measure was taken due to creditors being owed approximately $3.3 billion. Notably, this freezing order extended to cover another luxurious property on Yarwood Avenue, purchased for S$48.8 million, and a smaller residence located on Balmoral Road.

The prominent Dalvey bungalow has found a new owner in Chrispianto Karim, a Singapore citizen and member of the influential Indonesian Karim family, which spearheads the Musim Mas Group, a key player in the palm oil industry.

As the dust settles on this high-profile collapse, this sale underscores the turbulent repercussions faced by individuals involved in 3AC, marking a significant episode in the ongoing saga of one of the most infamous failures in the crypto industry history. The future remains uncertain for Zhu and Davies, raising questions about their next moves and the ongoing ripples of the cryptocurrency market's volatility.

Stay tuned as the story unfolds!