- Unexpected Activity: Su Zhu’s wallet sees movement after months of inactivity.
- Token Transfers: Notable transfers include Gearbox and SUZHU tokens to DeFi platforms.
- Uncertain Circumstances: Su Zhu’s legal situation and control over the wallet remain unclear.
Ethereum wallet associated with Su Zhu, co-founder of Three Arrows Capital (3AC), has exhibited notable activity for the first time since his arrest several months ago. The wallet, identified as suzhu.eth, engaged in both incoming and outgoing ERC-20 token transactions on November 29, raising questions about Su Zhu’s current status and control over the funds.
One of the notable outgoing transactions involved the transfer of 3.75 million Gearbox (GEAR) tokens, valued at just under $30,000. Suzhu.eth swiftly moved these funds into the decentralized exchange CoW Protocol shortly after the tokens were received. Another intriguing move saw the wallet transfer 1 billion units of an ERC-20 token named SUZHU to Uniswap V2. Despite the SUZHU token showing no apparent value on Etherscan, Uniswap data reported a trading volume of $6,274 for the ETH-SUZHU pair within a 24-hour period.
It’s important to note that these transactions follow a prolonged period of inactivity since Su Zhu’s arrest on September 29 in Singapore, where he received a four-month prison sentence. The circumstances surrounding his arrest were complex, with Three Arrows Capital’s liquidator, Teneo, reportedly obtaining a committal order after Su Zhu’s lack of cooperation, leading to his arrest.
The recent movement in the wallet raises a myriad of questions about Su Zhu’s current situation. The uncertainty surrounding whether he remains in prison, has internet access, delegated control, or engaged in arrangements with decentralized finance (DeFi) platforms adds layers of complexity to the situation. Importantly, Su Zhu has not publicly claimed ownership of the wallet, but data from Arkham Intelligence suggests a strong association.
As the cryptocurrency community speculates on the motivations and implications of these transactions, the saga surrounding Su Zhu’s wallet adds another intriguing chapter to the evolving narrative of cryptocurrency and its intersection with legal complexities. The nature of these recent movements prompts industry observers to closely monitor developments in the coming days for potential clarifications on Su Zhu’s involvement and the fate of the associated assets.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.