The wife of Zhu Su, co-founder of cryptocurrency hedge fund Three Arrows Capital, managed to sell a mansion she owns in Singapore for 51 million Singapore dollars ($38.5 million), despite a freezing imposed by the court against some of the couple’s other couples. assets.

The sale by Tao Yaqiong, also known as Evelyn, was signed in July and finalized last month, according to property records viewed by Bloomberg News. The so-called good class bungalow sits on a 1,446 square meter (15,568 square foot) plot of land in Dalvey Road, near the Singapore Botanic Gardens. Tao bought the house for S$28.5 million in 2020 and has since redeveloped it.

Zhu, along with co-founder Kyle Davies, once built 3AC into one of the largest crypto-native hedge funds in the world. But it imploded in 2022 after a series of bad bets, amid a broader crypto rout and a wave of collapses in the sector.

Since then, Zhu, who once boasted on social media that he had “bought all the high-class bungalows in Singapore”, has seen his fortunes deteriorate further. In 2023, Singapore’s financial regulator imposed a nine-year ban on Zhu and Davies from conducting regulated financial activities in the city, and Zhu was briefly jailed for a few months last year for failing to cooperate with the liquidation. by Three Arrows.

Teneo, the liquidators of 3AC, last year obtained a $1.14 billion global freeze on the assets of Zhu, Davies and Davies’ wife, Kelly Chen, arguing that the fund’s creditors were owed about $3 .3 billion dollars.

Assets subject to the divestment ban include another mansion on Yarwood Avenue in Singapore, which Zhu bought with his wife for S$48.8 million in late 2021 in their role as administrator, and sought to sell in 2022 , Bloomberg News previously reported. It also includes another smaller house owned by Zhu in Balmoral Road.

Teneo did not respond to a phone call or email sent outside of business hours. Zhu did not immediately respond to a message sent via social media.

The Dalvey House was purchased by Chrispianto Karim, a citizen of Singapore, records show. The Business Times, which previously reported the transaction, said he was a member of the Indonesian Karim family, which controls Musim Mas Group, a palm oil conglomerate headquartered in Singapore.