In an unexpected twist amid the chaos surrounding the collapse of the cryptocurrency hedge fund Three Arrows Capital (3AC), Evelyn Zhu, formerly known as Tao Yaqiong, successfully sold her opulent Singapore mansion for a whopping S$51 million (approximately $38.5 million).

Despite a court-mandated freeze on numerous assets belonging to her and her husband, Zhu Su, this sale was finalized just last month, though negotiations began as early as July. This reveals a significant move from Zhu, who had purchased the breathtaking bungalow on Dalvey Road for S$28.5 million in 2020 and heavily renovated it since then. Spanning an impressive 1,446 square meters (15,568 square feet), the property is conveniently situated near the scenic Singapore Botanic Gardens.

The saga of 3AC has been riddled with drama. Once a powerful player in the cryptocurrency landscape, co-founders Zhu Su and Kyle Davies witnessed a catastrophic decline in their hedge fund's performance in 2022. This downfall was exacerbated by a myriad of unwise investments and a sharp downturn in the broader crypto market. The repercussions have been severe; in 2023, both Zhu and Davies were handed a nine-year prohibition by Singapore's financial regulators, preventing them from participating in any regulated financial activities.

Zhu, facing mounting pressure, also encountered legal troubles when she was briefly jailed last year for not cooperating in the winding-up proceedings of 3AC. The liquidators, Teneo, reported that creditors are owed a staggering $3.3 billion, prompting a global asset freeze valued at approximately $1.14 billion against Zhu, Davies, and Davies' wife, Kelly Chen. This freeze includes a lavish second mansion on Yarwood Avenue, acquired for S$48.8 million, as well as a smaller property on Balmoral Road.

Interestingly, the Dalvey Road bungalow has found a new owner in Chrispianto Karim, a notable Singaporean and a member of the influential Indonesian Karim family, which oversees the Musim Mas Group, a leading entity in the palm oil industry.

While Teneo has not commented on the recent developments, the sale of Zhu's mansion symbolizes a key moment in the ongoing fallout from one of the most notorious failures in the cryptocurrency world. As the effects of 3AC's misfortune continue to unfold, the once-celebrated figures of the crypto empire now face a dramatic and uncertain future. Stay tuned for more updates on this riveting story!