THE DAILY ENCRYPT

September 25, 2022

Bankrupt Hedge Fund 3AC Retrieves $33M From Curve and $12M From Convex

Three Arrows Capital (3AC), a company that owns staked ether, reclaimed almost $33.3 million from Curve. Convex Finance provided additional assets worth $12 million to the firm....
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Three Arrows Capital (3AC), a company that owns staked ether, reclaimed almost $33.3 million from Curve. Convex Finance provided additional assets worth $12 million to the firm. Three Arrows Capital, a troubled crypto hedge fund, has recovered $45 million from deposits it previously staked on Curve Finance and Convex Finance.

According to Curve Finance on-chain activity, Curve Finance reported that the firm pulled 20,945 staked Ethereum (stETH) worth $33.3 Million from Curve Finance at 4:34 AM ET Tuesday.

Nansen marked an Ethereum adress as belonging to 3AC. Lido Finance offers a token called “staked ether” that allows staked Ethereum (ETH) to be used for other trades. This is known as liquid staking.

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Curve borrowed funds from convex finance

Convex Finance is a yield optimizer for Curve. On-chain data also shows that the firm borrowed funds from Convex Finance.

It drew close to \$12 million of crypto from Convex Finance, which included 2,421 wrapped Ethereum (3.98million), 202.7 wrapped Bitcoin (\$4 million) as well as 4,051,367 USDT stablecoin.

Curve currently holds the assets in the same wallet address that was used to transact. The address is home to assets totaling $57.86 millions. 21 Shares, a crypto derivatives firm, says 3AC has $86.8 millions in tokens and NFTs on Ethereum at several addresses that are tied to the company.

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Three Arrows Capital’s collapse earlier this summer caused chaos in the crypto space and many of its lenders to lose significant amounts of money. The firm owed creditors more $3.5 million. On July 15, the fund filed Chapter 15 bankruptcy at New York.

Social media commentators speculate that the firm might be trying to liquidate its holdings in order to pay creditors. However, it is not clear what the purpose of today’s withdrawals are.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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