In a stunning move amidst ongoing financial scandals, Ms. Tao Yaqiong, widely known as Evelyn, has successfully sold her luxurious mansion in Singapore for a staggering $51 million. This sale comes despite the backdrop of a court-imposed freeze on various assets linked to her and her husband, Zhu Su, the co-founder of the now-defunct cryptocurrency hedge fund, Three Arrows Capital (3AC).

The transaction, recorded in July and completed in October, involved a prestigious good class bungalow (GCB) located on Dalvey Road, in proximity to the Singapore Botanic Gardens. Ms. Tao initially acquired the property for $28.5 million in 2020 and has since invested in its redevelopment, significantly enhancing its value.

Three Arrows Capital, which once stood as one of the world’s premier crypto hedge funds, faced an abrupt and dramatic collapse in 2022. The downfall was precipitated by a series of high-stakes, unsuccessful investments amidst a wider cryptocurrency market meltdown that saw numerous firms in the sector falter. Zhu Su and his co-founder, Kyle Davies, previously boasted of acquiring multiple high-end properties in Singapore, but their fortunes have now dramatically reversed.

Contributing to the couple's precarious financial state, Singapore's financial regulatory authorities have issued nine-year bans prohibiting Zhu and Davies from engaging in any regulated financial activities within the region. In 2023, Zhu faced incarceration for a few months after failing to comply with a court order involving the liquidation process for 3AC.

Teneo, the appointed liquidator for 3AC, successfully obtained a worldwide asset freeze amounting to US$1.14 billion (around S$1.5 billion) against Zhu, Davies, and Davies's wife, Kelly Chen. The ongoing struggle is tied to creditors who are demanding approximately US$3.3 billion in outstanding debts. The assets under the freeze include another GCB acquired by Zhu and Tao for $48.8 million in late 2021, as well as a smaller property on Balmoral Road.

The Dalvey Road property has now found a new owner in Mr. Chrispianto Karim, a Singaporean citizen and member of the influential Indonesian Karim family, which oversees the Musim Mas Group, a leading palm oil conglomerate based in Singapore.

As the saga of Zhu Su and Three Arrows Capital continues to unfold, this sale underscores the wider implications of the cryptocurrency market’s volatility and the personal consequences facing its key players. Will Zhu and his associates be able to navigate through this financial storm, or is this just the tip of the iceberg? The world watches closely as further developments emerge.