Gate.io Blog Daily Flash | 3AC Su Zhu Issues Cryptic Statement As Rumors Swirl Of Firm’s Insolvency, Celsius Hires Lawyers

Daily Flash | 3AC Su Zhu Issues Cryptic Statement As Rumors Swirl Of Firm’s Insolvency, Celsius Hires Lawyers

16 June 08:58

Today's Headline - Three Arrows Capital’s Su Zhu Issues Cryptic Statement As Rumors Swirl Of Firm’s Insolvency

Su Zhu, co-founder of Three Arrows Capital (3AC), a Singapore-based crypto venture capital firm, issued a cryptic message on Twitter in response to speculations that the company is facing insolvency.

Online speculation that 3AC may be unable to fulfill a margin call arose after the company began shifting assets around this week to top up money on decentralized finance (DeFi) platforms like Aave in order to prevent potential liquidations as the price of Ether (ETH) plummeted this week. Unconfirmed reports claim that 3AC faced hundreds of millions of dollars in liquidations from several positions.

Adding to the fire, founders Kyle Davies and Zhu both went inactive on Twitter for three days. Zhu also deleted his Instagram and removed all mention of investments in altcoins, DeFi, and nonfungible tokens from his Twitter bio, keeping only a mention of Bitcoin.

Su Zhu finally broke his silence yesterday stating,

“We are in the process of communicating with relevant parties and fully committed to working this out.”

Chart of the Day - Top 10 DAO Projects by Liquid Treasury Value

Uniswap leads, followed by BitDAO, and UXDProtocol.

Influencer of the Day - A Fool's Game: Bill Gates criticizes the intangible value of NFTs

The Legendary Tech billionaire, Bill Gates, spoke at the TechCrunch Climate Change conference about the progress society has made in supporting the climate movement, his views of current global economics, alongside his skepticism of nonfungible tokens (NFTs).

“I’m used to asset classes where like a farm they have output or a company where they make products. Having an asset class that’s 100% based on greater fool theory that somebody is going to pay more for it than I do — I’m not involved in that. I’m not long or short, or any of those things.”

In his interview, Gates singled out the market's most popular collection, Bored Ape Yacht Club, sarcastically stating,

“Obviously, expensive digital images of monkeys are going to improve the world immensely,” adding, “We all agree on that.”

Buzzes of Yesterday - #Tron DAO Adds Liquidity to Help USDD Peg, #Tether Seeks to Decrease Paper Banking

OpenSea announces migration to Seaport protocol

Sequoia Capital has raised $2.85B to fund Indian and Southeast Asian startups

Crypto Lender Celsius hires restructuring lawyers after account freeze

Tron DAO Reserve adds another 500 million USDC to help USDD stablecoin peg

The Celo Foundation Launches Celo University Guild to Connect Universities Worldwide

Bill to ban digital assets as payment passed the first reading in the Russian parliament

Tether aims to decrease commercial paper backing of USDT to zero

Author: Gate.io Researcher Peter L.
This article represents only the views of the researcher and does not constitute any investment advice.
Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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