what's three arrows capital?
Three Arrows Capital (3AC) was a Singapore-based cryptocurrency hedge fund founded in 2012 by Kyle Davies and Su Zhu. It initially focused on arbitraging emerging-market foreign-exchange derivatives before shifting to crypto investments. The fund managed billions in assets at its peak but collapsed in 2022 amid heavy losses from leveraged positions in assets like LUNA and stETH, leading to over $3 billion in creditor claims. It was ordered to liquidate by a British Virgin Islands court, marking one of the largest hedge fund failures in crypto history. The downfall contributed to broader market contagion, affecting lenders like FTX and others.
Weitzman purchased Three Arrows Capital's former Pudgy Penguins NFT collection.
Weitzman buys the Pudgy Penguins NFT collection previously owned by Three Arrows Capital.
Zhu Su and Kyle Davies file $1.3 billion claim for damages from the Terra collapse.
Remaining alternative cryptocurrency holdings from liquidation process are being sold off, with sales nearly complete.
DCG files lawsuit against Genesis over $1.1 billion promissory note issued to cover 3AC's $2.36 billion default, escalating the bankruptcy proceedings.
FTX legal team challenges $1.5B claim from bankruptcy proceedings, seeking dismissal.
Fraudulent activities revealed: Over 100% LTV and multiple pledging of same collateral to different lenders.
Announcing migration from Ethereum mainnet to Solana scheduled for tomorrow.