Rumours suggest that liquidators are attempting to take over the assets of the Singapore-based Crypto hedge fund Three Arrows Capital (3AC) that was another victim in this latest recent crash in the cryptocurrency market. Two partners from the consultancy and advisory firm Teneo are named to oversee the liquidation of 3AC.
The Reserve Residences in Jalan Anak Bukit mixed-use site with a linked transport hub.
3AC was placed under liquidation by a judge located in the British Virgin Islands on Monday 27th June, because 3AC was unable to pay its creditors. On June 30 3AC was reprimanded by the Monetary Authority of Singapore (MAS) warned the company for giving false information and breaking the fund management industry licensing regulations.
The company was founded with former Credit Suisse traders Su Zhu and Kyle Davies at the kitchen table in their apartment in 2012, as per an Bloomberg report from in the year before. They are in their early 30s.
Zhu is the co-founder director, director, CEO as well as CIO at 3AC as well as Davies is the co-founder and the chairman of the company. Their crypto assets have reportedly be worth billions of dollars at one time.
A portion of the crypto-riches was invested in real estate over the last few years. According to property title searches, between the year 2019 to 2021 Zhu bought three homes in Singapore with his own name and the name from his spouse, Tao Yaqiong. The purchase totaled $83.55 million.
The most recent acquisition took place in December of last year in which Zhu and Tao joined as joint tenants of the Good Class Bungalow (GCB) bought in trust by their son, who is believed to be an infant of three years old. The GCB is located on a 31,863 square foot leasehold of 999 years on a site located at Yarwood Avenue in Kilburn Estate, just off Dunearn Road in prime District 21. The cost of purchasing the property is $48.8 million ($1,532 per square foot) as per the caveat filed on Dec 3rd in 2021.
It’s not Zhu’s only GCB Zhu owns. Near Botanic Gardens located at Dalvey Road, is an GCB which is currently under construction. The property was acquired at $28.5 million ($1,831 per sq ft) in September of 2020, as per a caveat that was lodged. An property title search reveals that it is currently held by Tao.
In June, Zhu had purchased a strata-bungalow on Balmoral Road for $6.25 million ($1,192 per sq. ft.). It is registered in his name as per the property title. It has a strata area of 5,242 square feet, the property is among eight strata homes inside Goodwood Grand which is a 73-unit property that also includes a 65-unit condominium block. It was completed in 2017. was designed between Tong Eng Group, the Ng family of Clarus Group and Tiong Seng Holdings.
Zhu and other companies connected to 3AC are believed to collectively possess five luxury properties that include three GCBs as well as a shophouse and townhouse. The other assets are a collection high quality cars as well as an yacht.