Notorious fund is making some suspicious moves, again
The infamous crypto fund, which went bankrupt after bitcoin fell to $21,000, surprisingly received $1 million on Ethereum from one of its exchange addresses. Such activity makes one wonder about the statements made by 3AC’s Management They do not have the funds to pay their investors.
Back in July, Kyle Davies and Su Zhu, co-founders of Three Arrows Capital, regretted losing plenty of money because of Bitcoin’s unexpected crash that dragged the whole market down with it. However, both traders categorically denied cashing out prior to the implosion.
After filing for bankruptcy, the fund made it clear that it had no significant funds to cover its liabilities. Shortly after, users found Soo Zhu’s $50 million yacht, several homes in Singapore and other properties that could have been used to make payments.
The most recent $1 million transfer from OKX shows that the co-founders of 3AC may have some funds hidden across private wallets and cryptocurrency exchanges not tied to their names.
Thanks to the decentralized nature of the industry, it is extremely difficult to tell clearly how much assets an entity has left and if there is anything hidden in their personal ledger.
After receiving around 660 ETH, 3AC moved 990 ETH to a fresh Ethereum wallet that holds nothing but the aforementioned funds. It is not clear what the goal is behind all those operations. However, some users assumed that the fund is trying to redistribute its large holdings across several wallets to make the retribution process more complicated.
At press time, the official 3AC wallet only holds 49 ETH and $1.5 million in various Liquid and Liquid tokens.
