Crypto hedge fund 3 Arrows Capital is slated to be another pillar piece of 2022’s bear market headlines, joining the likes of brutal bear market moments that include Terra Luna’s downfall and CeFi’s drama. While rumors have swirled for several weeks now about 3AC’s status, limited details with concrete information have been released. That’s evolving to close out this week, as new reports have shown that 3 Arrows Capital is filing for Chapter 15 bankruptcy in New York. A Dozen Headaches & 3 Arrows Makes For Chapter 15 In a bull market, it can all be rainbows and sunshine – and 3 Arrows was certainly seeing that with an AUM at around $10B earlier this year. As the tides have shifted this year, though, so too has the business operations. The unraveling began in early June with speculation that 3AC was failing to make owed payments, headlined by ~$80M owed to derivatives exchange Deribit. Following roughly a week or so of silence from 3AC co-founders Zhu Su and Kyle Davies, Su posted this this tweet, essentially confirming that 3AC was facing serious liquidity issues: We are in the process of communicating with relevant parties and fully committed to working this out — Zhu Su 🔺 (@zhusu) June 15, 2022 It’s been dominos ever since. CeFi platform Voyager Digital stated that they could lose in excess of $650M due to the 3AC collapse, according to the Financial Times; the platform ha...
ETH Sell Off Surge! Who Is Selling Ethereum?
