3AC Co-founder Su Zhu Moves to Sell His Singapore Bungalow
- The Monetary Authority of Singapore (MAS) reprimanded 3AC for faulting a part of its stipulations regarding assets management.
Three Arrows Capital (3AC) Co-founder, Su Zhu, has decided to sell his luxurious Singapore home purchased last December. As revealed, Zhu chose not to make the Singapore house offering public and instead resolved to a private basis.
However, the offering despite being private-oriented was discovered by Primitive Capital’s Dovey.
While the crypto market continues to shrink, struggling DeFi platforms risk liquidation.
3AC Problems on Zhu?
According to data from the Singapore Land Authority, Su Zhu and his wife, Tao Yaquiong, purchased the detached house located at Yarwood Avenue, Singapore in December 2021. The house situated at Singapore’s Yarwood Avenue was reportedly purchased at about $35million.
A few months after its purchase, the couple reportedly moved the house’s title to a trust for their three-year-old child. Furthermore, the obtained data revealed that the magnificent abode measures 31 square feet. Built-in 1990, the house was before this development only sold once and to its current owner, Zhu.
The detached apartment is locally referred to as Good Class Bungalow, harboring the country’s elite. According to findings, Zhu’s wife, Tao Yaqiong owns another detached house worth over $28.5 million.
The house which is presently under renovation is situated on Dalvery Road in Singapore. Furthermore, the couple also possesses another property currently valued at about $6.25 and situated at Goodwood Grand on Balmoral Road.
Recently, the Monetary Authority of Singapore (MAS) reprimanded 3AC for faulting a part of its stipulations regarding assets management. The MAS accused the firm of providing wrong information and exceeding the peg limit for Assets Under Management (AUM) permitted for a Registered Fund Management Company (RFMC).
It is, however, not yet clear if Zhu’s decision to sell his Singapore bungalow is connected to the liquidation crises bedeviling 3AC.
Market updates
The crypto market has recorded extreme volatility in the past few months, resulting in over $2 trillion being wiped out from the market. Consequently, FTX CEO Sam Bankman Fried has warned that most crypto exchanges might be struggling in silence.
Nonetheless, the crypto market dip has not hindered El Salvador from advancing its Bitcoin agenda. Notably, the country recently purchased 80 Btc units at $19k.
Additionally, Bitcoin ETFs have emerged in different parts of the world including Europe and the United States.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
