A wallet believed to belong to Three Arrows Capital (3AC) co-founder Su Zhu has moved funds for the first time since his arrest several months ago.
Etherscan records show several ERC-20 token transactions to and from an address called suzhu.eth on November 29th.
One outgoing transaction included 3.75 million Gearbox (GEAR) tokens, worth just under $30,000. Within minutes of receiving the same tokens, Suzhu.eth transferred the funds to a decentralized exchange called CoW Protocol.
In another outgoing transaction, suzhu.eth moved 1 billion of its ERC-20 tokens called SUZHU to Uniswap V2. Based on Etherscan data, the value of the SUZHU token is 0, but Uniswap data reports a trading volume of $6,274 for the ETH-SUZHU pair in the 24 hours ending November 29 at 11 PM (UTC).
Several other incoming transactions also originated on Uniswap, most but not all. Unlike outgoing transactions, incoming transactions do not require authorized access to Su Zhu’s wallet.
No other outflows of funds since arrest
So far, the most recent money transfer transaction involving Su Zhu’s wallet occurred on or before September 21, just days before his arrest in Singapore on September 29.
At that time, Su Zhu was sentenced to four months in prison. It does not appear that Su Zhu has been convicted of any crime. Instead, Three Arrows Capital’s liquidator, Teneo, reportedly obtained an order allowing police to arrest and jail the executive after Su Zhu failed to cooperate.
The uncertainty about Su Zhu’s current situation means it is unclear whether the deal is suspicious. It is possible that Su Zhu is no longer in prison, has access to the Internet in prison, allowed others to access his wallet, or gave up control of his wallet after his arrest. He may also have arranged for DeFi platforms to automatically access his wallet.
Although Su Zhu does not appear to have admitted to owning the wallet, Arkham Intelligence’s data shows that the wallet belongs to Su Zhu.