Etherscan records displayed several incoming and outgoing ERC-20 token transactions to and from an address labeled suzhu.eth on Nov. 29.
One outgoing transaction involved 3.75 million Gearbox (GEAR) tokens worth under $30,000. Suzhu.eth moved those funds into a decentralized exchange called CoW Protocol just minutes after it received those same tokens.
In another outgoing transaction, suzhu.eth moved 1 billion of an ERC-20 token named SUZHU into Uniswap V2. Though the SUZHU token has zero value based on Etherscan data, Uniswap data reported $6,274 in volume for the ETH-SUZHU pair over the 24-hour period ending at 11:00 PM UTC on Nov. 29.
Several other incoming transactions also originated largely but not entirely from Uniswap. Unlike the outgoing transactions, those incoming transactions would not have required authorized access to Su Zhu’s wallet.
No other outgoing funds since arrest
Until now, the most recent outgoing transactions involving Su Zhu’s wallet took place on or before Sept. 21, days prior to his arrest on Sept. 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 committal order after Su Zhu failed to cooperate, allowing police to arrest and imprison the executive.
Uncertainty around Su Zhu’s current situation means that it is unclear whether the transactions are suspicious. It is possible that Su Zhu is no longer in prison, has internet access in prison, has permitted another individual to access his wallet, or has surrendered control of the wallet following his arrest. He may also have arranged for DeFi platforms to automatically access his wallet.
Though it does not seem that Su Zhu has admitted to owning the wallet, data from Arkham Intelligence indicates that the wallet belongs to Su Zhu.