Three Arrows Capital Sues Zhu Su's Wife for $40 Million in Dubai Property Proceeds

Three Arrows Capital has filed a lawsuit against Evelyn Tao, the wife of founder Zhu Su, seeking to recover approximately $40 million from the sale of a Dubai property. The property was purchased for 110 million dirhams (about $30 million), with funds originating from a $50 million cryptocurrency loan that Three Arrows Capital provided to Zhu, just three weeks before the fund entered liquidation in June 2022. In October 2023, while serving a sentence for contempt of court at Changi Prison, Zhu transferred ownership of the property to his wife. The liquidators believe this move was intended to shield the property and its sale proceeds from claims by the liquidators and creditors. Evelyn Tao argues that she was unaware of the source of the funds, believing the property was a gift, and states that the couple separated in 2022, signing a formal separation agreement in January 2024. Three Arrows Capital owes creditors over $3 billion, and the liquidators are seeking to recover $1.3 billion.

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