The co-founder of the cryptocurrency hedge fund Three Arrows Capital (3ac) Su Zhu interrupted the silence amid speculation on the liquidation of large positions of the structure and its solvency.
“We are in the process of communication with the corresponding parties and are completely committed to solving this problem,” he wrote.
On June 14, Lido Lido liquid stake service tokens fell 5% to the original. The Peckshield then noted that the addresses, allegedly related to 3ac, made two large swaps, within which 56,000 steth were exchanged for ETH.
Some experts emphasized that the operations of the hedge fund testify to the intention to repay debts and loans that he has.
The trader under the nickname Moonoverlord called the 3ac “largest dumper” Steth. He drew attention to the fact that the founders of the structure kept silence for several days, Zhu removed from the description of the profile on Twitter the mention of any cryptocurrencies and removed the account on Instagram, and the company itself “dropped 30,000 steth and reduced all positions in AAVE”.
The analyst under the nickname Onchainwizard said that the address marked by the Nansen service as associated with 3ac “aggressively” pays the AAVE loan. According to Zapper, the position of the wallet in the landing protocol is about 212,000 Weth (more than $ 238 million), it also has a debt worth over $ 185 million in USDT and USDC.
According to the co -founder of the EthHub research platform, Anthony Sassano, large whales “hunt” 3ac positions in AAVE. He said that Ethereum’s liquidation price is $ 1034. At the time of writing, ETH is traded near $ 1134, according to Coingecko.
June 15, 2022 | 11:38
The Nexo cryptolending platform said she did not provide 3AC loans. The company noted that they are conservatively related to risk management and present “strict requirements” for the collateral of borrowers.
Tether also emphasized that information about the issuer to the USDT issuer 3AC is “categorically false”.
At the time of the update, Ethereum is traded at $ 1068. This is only $ 34 higher than the liquidation price of the hedge fund in the AAVE protocol.
The clock schedule ETH/USDT Binance Exchange. Data: TradingView.
3AC also takes second place in May in May on the Bitfinex platform. The company lost over $ 31 million.
The Block, citing informed sources, said that 3AC is trying to pay with creditors and other counterparties who forcibly close its positions. The interlocutors of the publication said that the total amount of liquidation amounted to $ 400 million.
To repay debt positions, the hedge fund can use the accumulated NFT. Coin Metrics analyst Kyle Waters suggested that the company is preparing for a major offset. Starry Night Capital, affiliated with 3C, deduced all tokens from the Superrare marketplace.
Recall that in February 2022, Three Arrows Capital headed Luna Luna from LFG by $ 1 billion. In May, the Terra ecosystem collapsed, and its native cryptocurrency has practically depreciated.
Subscribe to FORKLOG news in Telegram: Forklog Feed – the whole news feed, forklog – the most important news, infographics and opinions.