Stunning reversal of fortune in a few short years.
SINGAPORE: Once upon a time Zhu Su was on top of the world, with a net worth of over S$1 billion. However, with the collapse of the high-profile cryptocurrency hedge fund he co-founded, Three Arrows Capital , debts of over S$4 billion, and most recently, an arrest at Changi Airport, Zhu has seen a stunning reversal of fortune in just a few short years.
Zhu was arrested while he was trying to leave Singapore on Friday last week, according to Teneo, the firm appointed as the joint liquidator of 3AC after its failure. However, an Oct 5 report from Reuters said that police in Singapore “appeared” to confirm Zhu’s arrest, saying that a “36-year-old man” had been arrested on Sept 29 at Changi Airport, although the man was not named in the email the police sent Reuters. Nor was the matter elaborated on.
Zhu, a Singaporean, and Davies, an American, founded 3AC in 2012, at the kitchen table of their apartment. The two men were working as traders at Credit Suisse at the time. At one point, their crypto assets were allegedly worth several billion dollars.However, a court in the British Virgin Islands put the company under liquidation in June 2022, due to 3AC’s failure to pay its creditors.
In addition to the three GCBs owned by Zhu and others connected to 3AC the assets also included a townhouse and a shophouse, plus a yacht and a fleet of high-end cars. There, Zhu spent a lot of time playing video games, “maybe like 12 hrs a day,” but eventually “started going into the ocean, surfing, taking hard walks, getting back into gym routine, reading books, learning new languages.”
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