Troubled fund is sending remaining funds on centralized exchanges, liquidating one of their last wallets
As the OKLink page explains, addresses owned by Three Arrows Capital that end with 5748 moved a large amount of ETH and a batch of other cryptocurrencies, including USDT, to centralized exchanges such as Binance and OKEx. owned address.
Legal representation
On Aug. 26, U.Today covered how the co-founder of the notorious fund might face imprisonment, according to his own claim. This fact confirms that one of the leaders of the fund does not underestimate the seriousness of law enforcement that puts a target on the fund’s managers’ and affiliates’ backs.
The most recent transfer of more than $17.6 million could be redistributed between the fund’s managers and operating directors, who would almost certainly need legal representation in the future to avoid actual jail time.
Operational expenses
It is a well-known fact that the fund is going through a bankruptcy and liquidation process as it took a critical hit after the price of the first cryptocurrency plunged below $20,000 more than a month ago.
To cover operating expenses and move through the liquidation process, the fund may need to increase the liquidity of its portfolio and holdings. Considering the centralized nature of exchanges receiving funds from 3AC Wallet, they are most likely heading in the right direction.
No jurisdiction in the world put any limitations on the funds of 3AC yet, despite the lack of communication from the fund’s representatives.
On 29 June, a liquidation order for Three Arrows Capital was issued by a court located in the British Virgin Islands. For now, the fund is still actively selling its assets, with only 1,710 ETH left on the aforementioned wallet.
