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Crypto hedge fund Three Arrows Capital (3AC) now in liquidation
Posted on 6/29/22 at 10:56 am
Posted on 6/29/22 at 10:56 am
Teneo Restructuring has been brought on board to deal with the liquidation
LINK
Anyone on here have funds with them?
LINK
Anyone on here have funds with them?
7
Posted on 6/29/22 at 12:47 pm to RobbBobb
shooters shoot
quote:
How did 3AC get here?
Three Arrows Capital was established in 2012 by Zhu Su and Kyle Davies.
Zhu is known for his incredibly bullish view of bitcoin. He said last year the world’s largest cryptocurrency could be worth $2.5 million per coin.
But in May this year, as the crypto market began its meltdown, Zhu said on Twitter that his “supercycle price thesis was regrettably wrong.”
Posted on 6/29/22 at 1:10 pm to TigerintheNO
quote:From his famous work "The Art of Bankruptcy".
Zhu said on Twitter that his “supercycle price thesis was regrettably wrong
Posted on 6/29/22 at 1:42 pm to RobbBobb
That absolutely sucks for people who have funds with them.
Posted on 6/29/22 at 2:00 pm to RobbBobb
Oops
Posted on 6/29/22 at 2:25 pm to RobbBobb
Posted on 6/29/22 at 7:30 pm to TigerintheNO
quote:I'd like to read his "thesis", which I have no doubt doesn't exist. Although past performance doesn't guarantee future performance, how could this person ignore the cyclical, historical price formations involving halvening cycles? I'm as bullish as they come w/r/t Bitcoin but I'd never put myself in a situation to get rekd and destroy myself, or in his case an entire company.
“supercycle price thesis was regrettably wrong.”
Posted on 6/29/22 at 7:37 pm to TigerintheNO
quote:
He said last year the world’s largest cryptocurrency could be worth $2.5 million per coin.
Posted on 6/29/22 at 7:40 pm to RobbBobb
Does anybody have a feel for what might happen with/to CoinFlex?
quote:
Mark Lamb, the CEO of embattled cryptocurrency exchange CoinFlex, said that withdrawals will probably not restart on Thursday as the company initially hoped.
To fix the $47 million hole in CoinFlex's balance sheet, the company is issuing a token called Recovery Value USD, or rvUSD, and enticing investors with a 20% interest rate. Lamb said the ability to pay that interest rate would come from recouping the funds from Roger Ver plus a "financing charge" that has been imposed on him.
CoinFlex claimed that Ver's account went into "negative equity." Normally, the exchange would liquidate an investor's position in this situation. But Ver had a particular agreement that meant this did not happen, the exchange said.
The agreement between CoinFlex and Roger Ver, aka “Bitcoin Jesus”, meant that if the investor failed to meet a margin call, then his positions would not be automatically liquidated as would normally be the case.
A margin call is a situation in which an investor must commit more funds to avoid losses on a trade made with borrowed cash.
Lamb said that CoinFlex felt comfortable to go into such an agreement because of the "data we'd seen around his capitalization."
But CoinFlex will now be eliminating such agreements, Lamb said.
"In hindsight, having no non-liquidation agreements would have definitely been better," Lamb said.
Posted on 6/29/22 at 8:01 pm to Jag_Warrior
Posted on 6/29/22 at 8:37 pm to Jag_Warrior
They loaned $47 million of their customers' money to "Bitcoin Jesus" in a non-liquidation agreement. He's just a convicted felony who renounced his US citizenship and been denied entry into the United States and Australia.
That money is gone.
That money is gone.
quote:
Roger Ver
@rogerkver
Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false.
Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds.
Posted on 6/29/22 at 8:59 pm to TigerintheNO
Roger Ver is possibly the scammiest name in crypto and thats saying a lot
Posted on 6/29/22 at 10:11 pm to TigerTatorTots
I liquidated and pulled all my crypto from Voyager today. Supposedly the USD there is FDIC insured, but I’ve got no desire to even have to deal with them should something happen.
What a clusterfrick this has been in crypto land, but it’s not without similarities in tradfi as well.
What a clusterfrick this has been in crypto land, but it’s not without similarities in tradfi as well.
Posted on 6/29/22 at 10:37 pm to slackster
quote:
but it’s not without similarities in tradfi as well.
What’s the closest similarity and why?
Posted on 6/30/22 at 6:13 am to boosiebadazz
quote:
What’s the closest similarity and why?
Banks, credit unions, and hedge funds have failed throughout their existence. I’m not knighting for crypto, but to act like it’s unique to that space is foolish.
Look into Long-Term Capital Management, for starters.
Posted on 6/30/22 at 7:23 am to slackster
Crypto just became the latest tulip, it's just that they created 10,000 types of tulips within 18 months. 
All the bubble asset classes typically live on (I mean we still have housing post-2009) in some form or fashion, just devalued.
I still think the big dogs have long-term investment value even though, imho, it destroys their intrinsic value. The problem with crypto is that unlike other bubble asset classes, you could literally create one out of thin air to pump and dump. It was never that easy and, as we all know, when making cheap money is easy, humans cannot help themselves.
All the bubble asset classes typically live on (I mean we still have housing post-2009) in some form or fashion, just devalued.
I still think the big dogs have long-term investment value even though, imho, it destroys their intrinsic value. The problem with crypto is that unlike other bubble asset classes, you could literally create one out of thin air to pump and dump. It was never that easy and, as we all know, when making cheap money is easy, humans cannot help themselves.
Posted on 6/30/22 at 7:59 am to SlowFlowPro
quote:
The problem with crypto is that unlike other bubble asset classes, you could literally create one out of thin air to pump and dump.
Oh. Let me know when you can generate over 110 Terawatt hours of hash and create the next BTC2.0. I'll buy some.
Keep us posted.
You would think people on the money board could separate actual use case projects from trash, but after 10 years I think people are still looking for "going to zero bruh!"
Posted on 6/30/22 at 8:34 am to slackster
How did you pull all of it from Voyager today when there is a 10K limit? I have to do it over a span of days.
Posted on 6/30/22 at 8:36 am to glorymanutdtiger
For anyone who don’t trust voyager to debit your USD, I transferred it as USDC crypto to my Coinbase wallet and withdrew from there to my bank.
Voyager withdrawals have been really slow
Voyager withdrawals have been really slow
Posted on 6/30/22 at 10:08 am to glorymanutdtiger
quote:
How did you pull all of it from Voyager today when there is a 10K limit? I have to do it over a span of days.
By having less than $10k in Voyager.
I started with more, but, ya know…
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