According to the Singapore Business Times, Three Arrows Capital has sued Evelyn Tao, the wife of founder Zhu Su, seeking to recover approximately $40 million in proceeds from the sale of a property in Dubai. The property was purchased for 110 million dirhams using a $50 million cryptocurrency loan extended by Three Arrows Capital to Zhu, with the transaction occurring three weeks before the fund entered liquidation in June 2022. Zhu transferred ownership of the property to Evelyn Tao in October 2023 while serving time at Changi Prison; the liquidator believes this move was intended to shield the property and its sale proceeds from creditors. Evelyn Tao claims she was unaware of the funds’ origin, believed the property was a gift, and states that the couple had been separated since 2022, formalizing their separation with a written agreement in January 2024.
Three Arrows Capital Sues Founder’s Wife Over $40 Million from Dubai Property Sale
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Summary
Three Arrows Capital has filed a lawsuit against Evelyn Tao, wife of founder Zhu Su, seeking $40 million from the sale of a Dubai property. The property was purchased for 110 million dirhams using a $50 million cryptocurrency loan from the firm, just three weeks before its 2022 collapse. Zhu Su transferred the asset to Evelyn Tao while serving a prison sentence in 2023. Liquidators allege the transfer was intended to conceal assets from creditors. Evelyn Tao claims she was unaware the funds originated from a cryptocurrency loan and believed the property was a gift. The couple separated in 2022, with formal divorce filings submitted in January 2024. Cryptocurrency news outlets such as AiCoin are monitoring the legal proceedings. Key issues include cryptocurrency regulations regarding asset transfers and creditor rights.
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