Crypto Biz: The 3AC saga takes another bizarre twist

cointelegraph.com:

About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on social media, but he ran arguably the most revered hedge fund in crypto — Three Arrows Capital, also known as 3AC. Then, the bear market of 2022 exposed 3AC as a house of cards run by founders who believed their own hype — and made reckless business decisions along the way. 

With the 3AC saga still unfolding, we received privileged information this week about the company’s remaining assets. The revelations aren’t good if you’re a 3AC creditor looking to be made whole again.

An anonymous source close to the 3AC debacle reached out to Cointelegraph this week to reveal startling details about the failed hedge fund’s remaining assets. According to the source, 3AC’s holdings of Deribit shares are worth much less than reported in court documents filed by liquidator Russell Crumpler. It was believed that 3AC’s exposure to Deribit, a crypto options platform, was worth $500 million, or half of the hedge fund’s remaining assets. But, according to our sources, the value of 3AC’s Deribit shares is actually closer to $25 million. Read on to find out how they reached that number — and why 3AC might be in bigger trouble than initially believed.

Related: 3AC founders reveal ties to Terra founder, blame overconfidence for collapse

Gemini, Coinbase, Crypto.com, BlockFi and now OpenSea — crypto winter has resulted in mass layoffs, costing the industry thousands of jobs. OpenSea’s firing spree was especially remarkable, given that the company had grown to become the world’s largest nonfungible token market with billions of dollars in monthly