Black_background_logo_BitcoinWorld-removebg-preview
Latest News

After the 3AC bankruptcy, Su Zhu’s $36 million mansion was converted into an eco-farm: Report

In March 2022, the co-founder of 3AC, a prominent figure in the world of cryptocurrency, made an intriguing move. He acquired an opulent bungalow nestled in the heart of Singapore, just moments before the unfortunate collapse of his hedge fund. The narrative takes a fascinating turn as we delve into the realm of Su Zhu, a crypto tycoon who was simultaneously a fugitive. His luxurious $36 million real estate investment in Singapore, once a symbol of opulence, has undergone a remarkable transformation. The property, situated in the upscale enclave of Yarwood Avenue, has now emerged as “Yarwood Homestead,” a project managed by Abundant Cities—a company co-founded by Su Zhu’s wife, Evelyn Tao.

What makes this transformation truly captivating is the eco-conscious direction taken by Abundant Cities. Through the principles of ecological design and agroecology, they have converted the mansion’s sprawling gardens into a flourishing micro-farm. Here, an assortment of vegetables, aromatic herbs, succulent fruits, freshwater fish, and poultry thrive harmoniously. The once pristine front lawn has been artfully reimagined into 36 individual vegetable gardens, cultivating a diverse array of produce, including okra, spinach, beans, kale, sesame seeds, and radishes. Notably, even the swimming pool has undergone a metamorphosis—it now serves as a natural pond teeming with aquatic flora, babbling streams, and a diverse population of fish and shrimp. This transformation has not only added an eco-friendly dimension to the property but has also turned it into a picturesque venue for exclusive gatherings.

Su Zhu and his spouse embarked on this real estate venture in March 2022, just before the fateful collapse of their Singaporean hedge fund, Three Arrows Capital (3AC). During the cryptocurrency bull market’s zenith, 3AC boasted assets under management exceeding $10 billion in the digital realm. However, the firm’s fortunes took a sharp downturn, leading to a bankruptcy filing in July 2022, accompanied by the daunting specter of $3.5 billion in creditor claims.

The plot thickens on September 29, when Cointelegraph reported that Su Zhu faced a dramatic turn of events. He was apprehended at Singapore’s Changyi International Airport, attempting to leave the country, following a court-issued committal order. This development came in the wake of Teneo, 3AC’s liquidator, successfully obtaining a committal order in Singapore, alleging Su Zhu’s noncompliance with a court directive pertaining to the recovery of corporate assets. Consequently, Su Zhu received a four-month prison sentence for this transgression.

Intriguingly, Su Zhu’s co-founder, Kyle Davies, a former U.S. citizen who had transitioned into a Singaporean national, finds himself in an enigmatic predicament. Despite his earlier public declaration of being free from “pending lawsuits or regulatory action,” his current whereabouts remain shrouded in mystery. The narrative takes a surreal twist as the crypto world watches with bated breath, wondering what the future holds for these once-mighty figures in the crypto arena.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.