3AC co-founder Su Zhu’s Singapore villa converted into urban farm: Report

Quick Take

  • Three Arrows Capital (3AC) co-founder Su Zhu’s luxurious Singapore villa was converted into an urban ecological farm post-crypto crash and is managed by his wife Evelyn Tao’s company Abundant Cities, according to local media.
  • Zhu and Tao acquired the property through a trust for $35.6 million in March 2022, but it is not part of now-bankrupt 3AC’s liquidated assets.

The Singapore villa and gardens owned by Su Zhu, co-founder of the collapsed cryptocurrency hedge fund Three Arrows Capital (3AC), has been converted into an urban farm run by his wife Evelyn Tao’s company Abundant Cities.

The company has been organizing guided tours and private dining at the luxurious bungalow on Yarwood Avenue since at least the beginning of the year, according to local media reports.

Su Zhu and his wife acquired the villa through a trust for 48.8 million Singapore dollars ($35.6 million) in March 2022. However, following the cryptocurrency market crash last year and the subsequent bankruptcy of 3AC, Su Zhu was reportedly keen on selling the property. The villa is not part of 3AC’s liquidated assets.

Tao holds a Ph.D. in biology from the National University of Singapore and previously worked at the Temasek Life Sciences Laboratory and the Institute of Medical Biology under the Singapore Agency for Science, Technology and Research.

The bungalow's transformation into the Yarwood Homestead includes agriculture and aquaculture, producing local vegetables, herbs, fruits, fish, chickens and ducks — becoming Abundant Cities' research and development headquarters, according to its website.


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3AC’s collapse

3AC, once among the largest crypto market hedge funds, declared bankruptcy in July 2022 after the Terra ecosystem's collapse, owing 27 crypto companies $3.5 billion, according to court documents. 

Last week, Zhu was arrested at Singapore's Changi Airport while attempting to travel out of the country. Zhu reportedly also received a four-month prison sentence for failing to cooperate with bankruptcy proceedings. A similar order was placed against 3AC's other co-founder Kyle Davies, also sentencing him to four months in prison. However, Davies' location remains unknown.

In September, the Monetary Authority of Singapore banned Zhu and Davies from participating in regulated business activities in the country.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

James Hunt is a reporter at The Block, based in the UK. As the writer behind The Daily newsletter, James also keeps you up to speed on the latest crypto news every weekday. Prior to joining The Block in 2022, James spent four years as a freelance writer in the industry, contributing to both publications and crypto project content. James’ coverage spans everything from Bitcoin and Ethereum to Layer 2 scaling solutions, avant-garde DeFi protocols, evolving DAO governance structures, trending NFTs and memecoins, regulatory landscapes, crypto company deals and the immersive metaverse. You can get in touch with James on Twitter or Telegram via @humanjets or email him at [email protected].


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