Su Zhu's Wallet Sells Millions of Altcoins After 2 Months in Jail
Zhu Su, co-founder of the now-defunct Three Arrows Capital, has rekindled crypto market interest. Reports indicate a notable transaction involving millions of GEAR tokens linked to Zhu's Ethereum address, which had remained inactive for months.
This development follows Zhu's arrest in Singapore over two months ago on charges of fraud and money laundering. The Ethereum address in question, suzhu.eth (0xc5…09ee), associated with Zhu's Twitter account, executed a move today. The address requested 3.75 million Gearbox Protocol (GEAR) tokens and swiftly exchanged them for 14.5 ETH (approximately $29,500) via the decentralised exchange CoW.
The GEAR tokens involved in the transaction were part of an October airdrop, distributing 10% of the total supply to eligible Ethereum addresses. The suzhu.eth address, verified by the Arkham service, is linked to Zhu's Twitter account, which has been inactive since September 21.
Zhu's arrest is part of a turbulent history that includes Three Arrows Capital's collapse last summer. The hedge fund, once boasting nearly $3 billion in assets under management, faced controversies like a $1.2 billion loss from a Bitcoin short position in May 2022. Additionally, allegations surfaced of document forgery, with the fund accused of deceiving investors and regulators.
While the GEAR token transaction raises questions, the suzhu.eth address still holds other crypto assets. Notably, 64,516 STETH ($131,320), 17,622 ETH ($35,880), and 700 USDT ($700) remain in the address. It remains unclear whether Zhu retains access to this address or if the GEAR tokens have changed hands.
The liquidators overseeing Three Arrows Capital have not provided any comments on this recent transaction. The lack of official statements leaves the crypto community in anticipation, wondering about the implications and potential future moves from Zhu Su.
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