The Rise and Fall of Three Arrows Capital
About eight months ago, a colleague of mine was championing Su Zhu’s inclusion in the Cointelegraph Top 100. Zhu wasn’t just another influencer—he was at the helm of the renowned hedge fund, Three Arrows Capital (3AC). Fast forward to 2022, and it turned out 3AC was less of a crypto fortress and more of a house of cards. Who would have thought?
Shocking Revelations About 3AC’s Assets
This week, Cointelegraph obtained some insider info on 3AC’s remaining assets. Brace yourselves! According to an anonymous source, the value of 3AC’s Deribit shares—a supposed goldmine worth $500 million—was actually an illusion. In reality, they’re closer to a paltry $25 million. Ouch!
- Estimated Previous Value: $500 million
- Current Worth: $25 million
- Source: Anonymous insider
So, how did they reach that gut-wrenching number? Well, let’s just say that some accounting practices seem to have been…creative. 3AC’s situation might be worse than we’d imagined. But hey, it’s not all doom and gloom, right?
Crypto Market’s Job Cuts: A Harsh Reality
It’s not only 3AC dancing on the edge of a cliff. With the crypto winter biting, major players like Gemini, Coinbase, and OpenSea have had to downsize—drilling a large hole in the industry’s workforce. OpenSea’s decision to let go of 20% of its team sent shockwaves through the community. Employees took to Twitter to express their astonishment, proving that crypto isn’t always the gold rush it seems.
“Today is a hard day for OpenSea, as we’re letting go of ~20% of our team.” – Devin Finzer
Are Domain Flips the New Goldmine?
In other quirky news, an anonymous address on OpenSea recently made headlines by putting up a $1 million offer for the ENS domain Amazon.eth. The catch? The offer expired without a peep from the domain owner. Was it ignored, or were they blissfully unaware? One can only speculate! Just like buying low and selling high, flipping domains in the metaverse could very well turn into the next big thing.
Financial Woes for Zipmex: Withdrawals Paused
On another front, Zipmex, a Thai cryptocurrency exchange, decided to hit the brakes on withdrawals. What’s the reason? Explaining their decision, the company cited circumstances beyond its control, including the dreaded ‘volatile market conditions’. It’s a troubling trend when exchanges start pausing withdrawals— generally, it means they’re facing serious liquidity issues. Let’s hope they can turn it around!
The Market’s Glimmer of Hope
Meanwhile, the crypto market is trying to shake off the dust and get back on its feet. Is the Bitcoin relief rally finally here? A discussion with analysts revealed mixed feelings about whether we’ve hit rock bottom or if this is just a mere hiccup in a bear market. Either way, the excitement continues to unfold!
Crypto Biz keeps you in the loop on all things blockchain and crypto-related. Stay tuned for more updates every Thursday!
