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A wallet allegedly belonging to Three Arrows Capital (3AC) co-founder Su Zhu has moved funds for the first time since his arrest months ago.
etherscan logs shows several Incoming and outgoing transactions of ERC-20 tokens to and from an address named suzhu.eth on November 29.
One outbound transaction involved 3.75 million Gearbox (GEAR) tokens worth less than $30,000. Suzhu.eth transferred those funds to a decentralized exchange called CoW Protocol just minutes after receiving those same tokens.
In another outgoing transaction, suzhu.eth moved 1 billion worth of an ERC-20 token called SUZHU to Uniswap V2. Although the SUZHU token has zero value according to Etherscan data, uniswap data reported $6,274 in volume for the eth-SUZHU pair during the 24-hour period ending 11:00 pm UTC on November 29.
Several other incoming transactions also largely, but not exclusively, originated from Uniswap. Unlike outgoing transactions, those incoming transactions would not have required authorized access to Su Zhu’s wallet.
No other funds outgoing since arrest
So far, the most recent outgoing transactions involving Su Zhu’s wallet took place on or before September 21, days before his arrest on September 29 in Singapore.
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 a prosecution order after Su Zhu failed to cooperate, allowing police to arrest and jail the executive.
The uncertainty surrounding Su Zhu’s current situation means it is unclear whether the transactions are suspicious. Su Zhu may no longer be in prison, may have access to the Internet in prison, may have allowed someone else to access her wallet, or may have given up control of the wallet following her arrest. She may also have arranged for DeFi platforms to automatically access his wallet.
Although it does not appear that Su Zhu has admitted to owning the wallet, data from Arkham Intelligence indicates that the wallet belongs to Su Zhu.
