• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

3AC co-founder returns to Twitter, blames liquidators for “baiting”

Jon Hartney by Jon Hartney
July 12, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The tweet attracted wild reactions from the community with several accusing the co-founder of playing the blame game while his whereabouts are unknown.

Su Zhu, co-founder of Singapore-based crypto venture capital firm Three Arrows Capital (3AC), returned to Twitter after nearly a month of inactivity. In another cryptic tweet, he blamed liquidators for baiting them with respect to StarkWare tokens.

The tweet with attached mail from legal counsel claimed that Starkware equity had a token warrant that expired on July 5 and that the liquidator didn’t exercise the warrant, resulting in the loss of Starkware tokens. Zhu blamed liquidators for not using the Starkware tokens and claimed they baited the firm to use information in court.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

The cryptic tweet from the co-founder comes days after 3AC filed for a Chapter 15 bankruptcy in a New York court after it failed to meet several margin calls from its lenders. The rumors about the firm’s insolvency began in June and later, a British Virgin Islands court-ordered liquidation of 3AC funds.

TLDR (thanks @0x_Kun) :
• 3AC was handed over to liquidator
• Liquidator didn't exercise Starkware token warrants [which expired worthless]
• Zhu Su believes the liquidator baited them for information to use in court

Alpha derived from this post:
Starkware token confirmed. https://t.co/zvQGDdVqZk

— CC2 (@CC2Ventures) July 12, 2022

3AC’s trouble began with the bear market turmoil in May that was fueled by the Terra (LUNA) — now called Terra Classic (LUNC) — ecosystem crash. Later, it was revealed that the crypto hedge fund had accumulated $559 million worth of locked LUNA, which depreciated to $650 after the crash. The firm also held a significant position in Solana (SOL) and Avalanche (AVAX), which fell to new lows in the same time frame.

With the crypto market crash, the majority of cryptocurrencies lost nearly 70% of their valuation from the top. 3AC also held significant positions in synthetic assets such as Grayscale Bitcoin Trust (GBTC) and Lido’s Staked ETH (stETH). So when the prices of top cryptocurrencies dipped to four-year low, it lead to a series of liquidations for the troubled crypto hedge funds. It was estimated that 3AC accumulated nearly $400 million in liquidation across multiple platforms.

Related: Voyager Digital issues notice of default to Three Arrows Capital

The apparent insolvency of 3AC has affected lenders across the board with Voyager filing for bankruptcy last week after the hedge fund defaulted on a $500 million loan. BlockFi also struggled with its business after the crypto hedge fund defaulted on a $1 billion loan.

The recent tweet from the 3AC co-founder comes amid rumors about the founders of the crypto hedge fund going missing and attracted a wild reaction from the community. Many questioned his whereabouts while others mocked him for expecting “good faith” from liquidators after losing million of investors’ funds. One user wrote:

“Zhu really over here talking about “good faith” lmao”

Another user called out Zhu for playing the victim card and wrote:

“This is a pretty standard “spin” for the architects of financial destruction once things hit the legal stage. Zhusu is playing the “victim” card in the court of public opinion. Disgusting behavior, but to be expected at this stage.”

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,818.00-2.40%
  • ethereumEthereum(ETH)$1,630.08-2.05%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.12%
  • binancecoinBNB(BNB)$326.77-2.09%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • rippleXRP(XRP)$0.397373-3.17%
  • Binance USDBinance USD(BUSD)$1.00-0.22%
  • cardanoCardano(ADA)$0.391554-2.09%
  • dogecoinDogecoin(DOGE)$0.092276-3.14%
  • OKBOKB(OKB)$44.160.65%
  • matic-networkPolygon(MATIC)$1.19-3.29%
  • SolanaSolana(SOL)$23.28-3.86%
  • Shiba InuShiba Inu(SHIB)$0.000015-2.65%
  • Lido Staked EtherLido Staked Ether(STETH)$1,624.96-2.04%
  • polkadotPolkadot(DOT)$6.68-2.06%
  • litecoinLitecoin(LTC)$96.18-1.90%
  • AvalancheAvalanche(AVAX)$19.96-4.61%
  • tronTRON(TRX)$0.063321-2.50%
  • UniswapUniswap(UNI)$6.81-5.24%
  • daiDai(DAI)$1.00-0.19%
  • cosmosCosmos Hub(ATOM)$14.30-1.83%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,752.00-2.57%
  • chainlinkChainlink(LINK)$6.96-3.18%
  • leo-tokenLEO Token(LEO)$3.613.46%
  • ToncoinToncoin(TON)$2.26-3.34%
  • ethereum-classicEthereum Classic(ETC)$22.62-3.91%
  • moneroMonero(XMR)$165.62-4.13%
  • bitcoin-cashBitcoin Cash(BCH)$132.33-3.74%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • AptosAptos(APT)$15.13-7.81%
  • stellarStellar(XLM)$0.090386-3.39%
  • ApeCoinApeCoin(APE)$5.72-2.01%
  • CronosCronos(CRO)$0.080893-3.52%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.37-5.59%
  • QuantQuant(QNT)$137.60-3.01%
  • filecoinFilecoin(FIL)$5.23-4.60%
  • algorandAlgorand(ALGO)$0.257200-3.92%
  • HederaHedera(HBAR)$0.069209-4.82%
  • Lido DAOLido DAO(LDO)$2.08-3.05%
  • vechainVeChain(VET)$0.023889-3.54%
  • Internet ComputerInternet Computer(ICP)$5.56-5.02%
  • FantomFantom(FTM)$0.55-10.30%
  • decentralandDecentraland(MANA)$0.72-6.72%
  • The SandboxThe Sandbox(SAND)$0.72-6.13%
  • Axie InfinityAxie Infinity(AXS)$10.89-5.02%
  • AaveAave(AAVE)$85.71-3.13%
  • eosEOS(EOS)$1.07-3.48%
  • The GraphThe Graph(GRT)$0.13047411.22%
  • FlowFlow(FLOW)$1.11-4.62%
  • MultiversXMultiversX(EGLD)$44.46-4.46%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000185-0.91%
  • theta-tokenTheta Network(THETA)$1.09-6.18%
  • tezosTezos(XTZ)$1.17-3.96%
  • FraxFrax(FRAX)$1.00-0.05%
  • true-usdTrueUSD(TUSD)$1.00-0.23%
  • paxos-standardPax Dollar(USDP)$0.99-0.11%
  • huobi-tokenHuobi(HT)$5.56-2.85%
  • bitcoin-cash-svBitcoin SV(BSV)$43.740.43%
  • kucoin-sharesKuCoin(KCS)$8.60-2.86%
  • havvenSynthetix Network(SNX)$2.54-6.03%
  • Curve DAOCurve DAO(CRV)$1.05-2.13%
  • Frax ShareFrax Share(FXS)$10.290.29%
  • ChilizChiliz(CHZ)$0.139573-4.18%
  • Rocket PoolRocket Pool(RPL)$38.88-3.02%
  • PancakeSwapPancakeSwap(CAKE)$4.47-2.00%
  • USDDUSDD(USDD)$0.99-0.47%
  • eCasheCash(XEC)$0.000037-3.36%
  • BitTorrentBitTorrent(BTT)$0.000001-3.51%
  • ImmutableXImmutableX(IMX)$0.88-1.97%
  • dashDash(DASH)$61.871.69%
  • iotaIOTA(MIOTA)$0.243645-3.78%
  • BitDAOBitDAO(BIT)$0.57-2.39%
  • Trust WalletTrust Wallet(TWT)$1.57-5.00%
  • Mina ProtocolMina Protocol(MINA)$0.78-7.50%
  • KlaytnKlaytn(KLAY)$0.204569-4.20%
  • GateGate(GT)$4.28-5.22%
  • OptimismOptimism(OP)$2.951.60%
  • makerMaker(MKR)$683.49-4.19%
  • neoNEO(NEO)$8.69-1.53%
  • cUSDCcUSDC(CUSDC)$0.022739-0.01%
  • gemini-dollarGemini Dollar(GUSD)$1.000.18%
  • ArweaveArweave(AR)$11.34-3.81%
  • OKCOKC(OKT)$31.56-2.56%
  • cDAIcDAI(CDAI)$0.022186-0.09%
  • zcashZcash(ZEC)$43.65-4.79%
  • GMXGMX(GMX)$66.49-3.37%
  • RenderRender(RNDR)$1.82-0.93%
  • RadixRadix(XRD)$0.053459-8.83%
  • THORChainTHORChain(RUNE)$1.79-3.30%
  • Tokenize XchangeTokenize Xchange(TKX)$6.67-2.17%
  • singularitynetSingularityNET(AGIX)$0.4393596.22%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.10-0.39%
  • OsmosisOsmosis(OSMO)$1.00-3.89%
  • PAX GoldPAX Gold(PAXG)$1,865.280.13%
  • enjincoinEnjin Coin(ENJ)$0.463615-4.70%
  • Fetch.aiFetch.ai(FET)$0.43708417.92%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.000000-0.13%
  • Tether GoldTether Gold(XAUT)$1,863.21-0.27%
  • cETHcETH(CETH)$32.74-2.01%