Značka: Zhu Su

Su Zhu’s cryptic statement as rumors swirl of 3AC liquidations and insolvency

Su Zhu’s cryptic statement as rumors swirl of 3AC liquidations and insolvency

podľa | jún 15, 2022 | 0 |

Su Zhu, the co-founder of Singapore-based crypto venture capital firm Three Arrows Capital (3AC) has put out a cryptic statement on Twitter in response to swirling rumors that the company is battling against insolvency. Online chatter about 3AC being unable to meet a margin call began after 3AC started moving assets around this week to top up funds on DeFi platforms such as AAVE to avoid potential liquidations amid the tanking price of Ether (ETH) this week. There are unconfirmed reports that 3AC faced liquidations totaling hundreds of millions from multiple positions.DeFi-banking platform Celsius has also been frantically shoring up positions to avoid liquidations too. Celsius funds account for a significant proportion of the Total Value Locked in various platforms in the DeFi ecosystem, while 3AC is a major borrower. The collapse of either or both would have significant implications for the entire space. This wallet (tagged as 3AC on Nansen) has been aggressively paying back AAVE debt against its 223k ETH / $264mm position to avoid liquidation. With $198mm in borrowings against it, @ a 85% liq threshold, a -11% move in ETH to $1,042 liqudates ithttps://t.co/y7yJJ0NlMc pic.twitter.com/2S55Rzl9Xc— Onchain Wizard (@OnChainWizard) June 15, 2022In a short and sweet Twitter post from earlier today, Zhu broke his silence after around three days of inaction on social media and suggested that the company is working through its issues:“We are in the process of communicating with relevant parties and fully committed to working this out.” Messari Crypto’s Ryan Selkis highlighted speculation that 3AC started to reposition its balance sheet after being on the “wrong side of two synthetic trades — with size — in GBTC and stETH.”Wu Blockchain also reported that the firm lost around $31.37 million through trading on Bitfinex during May. According to Bitfinex Leaderboard, Three Arrows lost $31,370,031.97 in Bitfinex trading in May, ranking second. The account lost $37,278,593.9 on Bitfinex this year. In June, the account was not recorded. But losses on a single exchange may just be hedge. https://t.co/Xr8cYjLHII— Wu Blockchain (@WuBlockchain) June 15, 2022

The rumors ramped up after Zhu removed all mention of investments in ETH, AVAX, LUNA, SOL, NEAR, MINA, DeFi and NFTs from his Twitter bio, keeping only a mention of Bitcoin (BTC). Others have raised questions about Su deleting his Instagram, and asked why both he and co-founder Kyle Davies were inactive on Twitter for three days. 3AC in trouble? rumors swirling- Kyle and Zhu havent tweeted or liked anything in days- Zhu took every coin and # tag out of his bio- Zhu deleted his instagram- an hour ago they dumped 30k stETH and reduced all AAVE positions— moon (@MoonOverlord) June 14, 2022

A related issue is 3AC’s previous exposure to the Terra eco-system via the LUNA token (now LUNAC) which experienced a multi-billion market crash in late May. The platform exchanged roughly $500 million worth of Bitcoin (BTC) with the Luna Foundation Guard for the equivalent fiat amount in LUNA just weeks before Terra imploded.Related: Binance.US faces class-action lawsuit over LUNA and UST saleOther prominent figures in the space such as the former head of crypto Cathie Wood’s Ark Invest, Chris Burniske, also pointed to rumors of 3AC being the next firm to crumble after Terra and Celsius. Alameda Research was also loosely referenced via a meme.Well 1 of these 3 is down, and 1 I doubt will fall, but the other is something to watch https://t.co/OgBqd7GqHa— Chris Burniske (@cburniske) June 14, 2022

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Three Arrows buys 156K ETH in the weeks after CEO 'abandoned ETH'

Three Arrows buys 156K ETH in the weeks after CEO 'abandoned ETH'

podľa | dec 8, 2021 | 0 |

Crypto hedge fund Three Arrows Capital (3AC) has bought more than half a billion dollars worth of Ether in the time since CEO Zhu Su publicly slammed the cryptocurrency on Twitter. Do the purchases mean he’s changed his mind, or was he just taking advantage of a market crash to buy the dip?In an anti-ETH tirade between Nov. 20 and Nov. 22, Zhu tweeted about why he had “abandoned Ethereum despite supporting it in the past.” The thread came in response to a tweet from Synthetix founder Kain Warwick, who’d called out people who have “sold out in pursuit of profit maximization.” During the tweet storm Zhu claimed that Ethereum culture “suffers massively from the Founders’ Dilemma” and that “everyone is already far too rich to remember what they originally set out to do.”However, after attracting wide attention, he made a U-turn saying he wanted to “soften” his original stance and that “I love Ethereum and what it stands for.”In the 17 days or so since the threads, approximately 156,400 thousand Ether (ETH) or $676.37 million has been transferred to a wallet that blockchain analytics firm Nansen has associated with 3AC. Almost all the funds entering the wallet during this period were transferred from Binance, FTX exchange or Coinbase. Look I couldn’t let you guys jerk off watching the burn without meEth L1 still unusable for newcomers, show it to your grandma if you don’t believe meI’ll still bid it hard on any panic dump like this weekend obv100k eth is dust fwiw, more coming— Zhu Su (@zhusu) December 7, 2021Zhu confirmed the transactions earlier today in response to a tweet from Chinese blogger Wu Blockchain, saying that although Ethereum layer-one is still “unusable for newcomers,” he’d still “bid hard on any panic dump like this weekend.”The wallet shows 3AC made the majority of its purchases during the weekend price crash. When the anti-ETH tweets emerged, many Twitter users believed he was trying to pump rival project Avalanche (AVAX), which 3AC has invested in. In response to a user asking if the ETH purchases meant he’d dumped his AVAX holdings for ETH, he said that he has “never sold AVAX” and simply “bought this ETH from whoever was financially illiterate enough to sell this weekend.” In early November, Three Arrows Capital was announced as an investor in Blizzard, a fund to promote the development of AVAX. Following Zhu’s initial tweets, AVAX pushed out Dogecoin (DOGE) from its spot as the 10th-largest crypto by market capitalization. Zhu tweeted a graph of AVAX’s growth captioned “top 10” in the hours before his U-turn.Yes I have abandoned Ethereum despite supporting it in the past.Yes Ethereum has abandoned its users despite supporting them in the past.The idea of sitting around jerking off watching the burn and concocting purity tests, while zero newcomers can afford the chain, is gross.— Zhu Su (@zhusu) November 21, 2021

Related: Three Arrows Capital executives launch NFT fundAt 23:34 UTC today, 93,791.894 Ether was moved from the wallet belonging to 3AC to an address that appears to belong to a major trader. Smaller amounts have been moved to other addresses, including 500 Ether moved to an apparent NFT investment wallet shortly.

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