However, the police did not disclose the individual’s identity or offer additional comments to Reuters. 3AC responded to an inquiry about the apprehension of Su Zhu, one of the co-founders of the insolvent cryptocurrency hedge fund Three Arrows Capital (3AC), Singaporean law enforcement reported the detention of a “36-year-old” man at Changi Airport on September 29.
Singapore Police refrained from revealing the detainee’s name or elaborating further in their response to Reuters. While 3AC’s liquidator, Teneo, had previously stated that Zhu had been arrested, city officials have not fully confirmed this development yet. The whereabouts of 3AC’s other co-founder, Kyle Davies, remain unknown, and he remains at large. Both founders are under a committal order, sentencing them to four months’ imprisonment due to their failure to comply with a court order.
Once recognized as one of the leading funds in the cryptocurrency industry, 3AC suffered significant losses due to a series of unfavorable trades and investments in 2021 and 2022. These losses ultimately led to the fund’s closure and had far-reaching repercussions in the broader market. Presently, 3AC owes creditors approximately $2.8 billion, and both Davies and Zhu appear to have evaded authorities since the previous year.
3AC Fallout: Su Zhu’s $36M Estate Converted into Sustainable Farm
The co-founder of 3AC acquired the Singaporean bungalow in March 2022, just before the hedge fund’s collapse. Su Zhu, a cryptocurrency entrepreneur who is currently a fugitive, has transformed his $36 million luxury property in Singapore into an eco-farm.
According to recent reports from local media, Zhu’s residence on Yarwood Avenue in Singapore’s upscale area has been rebranded as “Yarwood Homestead” and is now operated by Abundant Cities, a company co-founded by his wife, Evelyn Tao. Using ecological design and agroecology principles, the company has turned the mansion’s gardens into a mini-farm, where they grow vegetables, herbs, fruits, fish, and poultry.
Additionally, the front lawn of the bungalow has been converted into 36 separate vegetable gardens, cultivating crops like okra, spinach, beans, kale, sesame seeds, and radishes. As for the swimming pool, it has been transformed into a natural pond with aquatic plants, streams, various fish, and shrimp. The farm is also used for hosting various private gatherings.
Zhu and his spouse acquired this property in March 2022 for $36 million, shortly before the collapse of their Singaporean hedge fund, Three Arrows Capital (3AC). At the height of the cryptocurrency bull market, 3AC reportedly managed over $10 billion in digital assets. However, the firm filed for bankruptcy in July 2022 due to a series of unsuccessful leveraged bets on the Terra ecosystem, and it now faces creditor claims of up to $3.5 billion.
On September 29, a report states that Zhu was apprehended at Singapore’s Changyi International Airport while attempting to leave the country after a court issued a committal order. A few days earlier, 3AC’s liquidator, Teneo, was granted its committal request in Singapore, alleging that Zhu had failed to comply with a court order related to the recovery of corporate assets. Zhu was subsequently sentenced to four months in prison for this violation. Meanwhile, his co-founder, Kyle Davies, who was once a U.S. citizen and is now a Singaporean national, was also sentenced to four months in prison. However, Davies’ current whereabouts are unknown. Earlier this year, Davies publicly stated that he was not facing any “pending lawsuits or regulatory actions” at that time.