Crypto NewsAltcoinJailed Cryptocurrency Billionaire's Wallet, Dormant for Months, Sold Millions of This Altcoin...

Jailed Cryptocurrency Billionaire’s Wallet, Dormant for Months, Sold Millions of This Altcoin Today

A surprise sale transaction was made today from the cryptocurrency billionaire's wallet, which has been inactive for a long time.

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Zhu Su, co-founder of bankrupt crypto hedge fund Three Arrows Capital, reportedly moved millions of GEAR tokens from the Ethereum address linked to his Twitter account.

The transaction took place today, more than two months after Zhu was arrested in Singapore on fraud and money laundering charges.

According to blockchain explorer Etherscan, the address suzhu.eth (0xc5…09ee) requested 3.75 million Gearbox Protocol (GEAR) tokens today and then exchanged them for 14.5 ETH (about $29,500) via decentralized exchange CoW. The GEAR tokens in question were part of an airdrop in October that distributed 10% of the total supply to eligible Ethereum addresses.

The address suzhu.eth has been verified by Arkham, a service that allows users to associate their Ethereum addresses with their social media profiles. The address was linked to Zhu's Twitter account, which has more than 200,000 followers and has been inactive since September 21. Zhu was arrested at Singapore Changi Airport on September 29 and faced a four-month prison sentence.

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Zhu was a co-founder of Three Arrows Capital, a hedge fund that claimed to have nearly $3 billion in assets under management before the fund collapsed last summer. The fund has been involved in several controversial transactions, including a large short position in Bitcoin in May 2022 that resulted in a loss of $1.2 billion. The fund also allegedly used forged documents and forged signatures to deceive investors and regulators.

The suzhu.eth address still holds some other crypto assets, including 64,516 STETH ($131,320), 17,622 ETH ($35,880), and 700 USDT ($700). It is unclear whether Zhu still has access to the address or has transferred his GEAR tokens to someone else. The liquidators have not yet commented on the transaction.

*This is not investment advice.



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