The collapse of Three Arrows Capital (3AC) continues to create ripples, evidently seen in the transformation of Su Zhu’s once opulent $36 million mansion into a self-sustaining eco-farm. This Singaporean bungalow in the plush Yarwood Avenue, purchased by Zhu and spouse, Evelyn Tao, just before the fateful 3AC collapse, is now a teeming homestead under the name “Yarwood Homestead”. Run by Abundant Cities, a company co-founded by Evelyn Tao, this space is producing its own eco-system ranging from fruits, vegetables to fishes and poultry with every inch reworked to sustain life.
3AC, once a beacon of success in the crypto market managing over $10 billion in digital assets in its prime, Bit the dust with the crypto bull market. The Singaporean hedge fund spiraled into bankruptcy due to failed leveraged bets related to the Terra Luna ecosystem. This led 3AC into a daunting quagmire with $3.5 billion of creditor claims gaping at it.
Zhu found himself in hot waters arrested at Singapore’s Changyi International Airport while attempting an overseas getaway. His non-compliance with court orders pertaining to asset recovery led to a committal order, garnering him a four-month jail term.
On the other side, the situation of Kyle Davies, another co-founder, is shrouded in mystery with his whereabouts unknown. Despite his open defiance stating no “pending lawsuits or regulatory action” against him, Davies too got committed to four-month jail.
While the case of Zhu and Davies evokes skepticism around the market practices, another unsettling news from the crypto world continues to garner attention. The trial of Sam Bankman-Fried, former FTX CEO, also known as SBF, paints an alarming picture. Assistant U.S. Attorney Thane Rehn and SBF’s attorney Mark Cohen paint contrasting images of SBF’s role leading to the collapse of crypto exchange FTX.
From misusing customer funds to fabricating a downturn in the crypto market as the cause behind FTX’s collapse, Rehn brings forth heavier charges. Adding to these, Cohen alleges false blame on SBF’s former girlfriend and former Alameda Research CEO Caroline Ellison and Binance CEO Changpeng Zhao attributing them for FTX’s downfall.
The two distinct cases, while stimulating the skepticism toward decentralization, mirror the inconsistency within the crypto market. While the idea of decentralized markets captivates the enthusiasts, the case of market players using digital platforms for manipulation adds a shade of doubt. Nevertheless, these developments serve as critical introspective points for the future of blockchain and digital assets, triggering a necessary exploration of the correlation between accountability, ethical conduct, and the idea of decentralized markets.
Source: Cointelegraph
