3AC co-founder returns to Twitter, blames liquidators for "baiting"
Su Zhu, co-founder of Singapore-based crypto venture capital firm Three Arrows Capital (3AC), returned to Twitter after nearly a month of inactivity. In another cryptic tweet, he blamed liquidators for baiting them with respect to StarkWare tokens.
The tweet with attached mail from legal counsel claimed that Starkware equity had a token warrant that expired on July 5 and that the liquidator didn’t exercise the warrant, resulting in the loss of Starkware tokens. Zhu blamed liquidators for not using the Starkware tokens and claimed they baited the firm to use information in court.
The cryptic tweet from the co-founder comes days after 3AC filed for a Chapter 15 bankruptcy in a New York court after it failed to meet several margin calls from its lenders. The rumors about the firm’s insolvency began in June and later, a British Virgin Islands court-ordered liquidation of 3AC funds.
TLDR (thanks @0x_Kun) :• 3AC was handed over to liquidator• Liquidator didn't exercise Starkware token warrants [which expired worthless]• Zhu Su believes the liquidator baited them for information to use in courtAlpha derived from this post:Starkware token confirmed. https://t.co/zvQGDdVqZk
3AC’s trouble began with the bear market turmoil in May that was fueled by the Terra (LUNA) — now called Terra Classic (LUNC) — ecosystem crash. Later, it was revealed that the crypto hedge fund had accumulated $559 million worth of locked LUNA, which depreciated to $650 after the crash. The firm also held a significant position in Solana (SOL) and Avalanche (AVAX), which fell to new lows in the same time frame.
With the crypto market crash, most cryptocurrencies lost nearly 70% of their valuation from the top. 3AC also held significant positions in synthetic
Read more on cointelegraph.com
