The notorious crypto fund that filed bankruptcy after Bitcoin's plunge to $21,000 surprisingly received $1 million on Ethereum from one of its exchange addresses. Such activity makes one wonder about statements made by 3AC's management about them having no funds to pay their investors.
Back in July, Kyle Davies and Su Zhu, co-founders of Three Arrows Capital, regretted losing plenty of money because of Bitcoin's unexpected crash that dragged the whole market down with it. However, both traders categorically denied cashing out prior to the implosion.
After filing for bankruptcy, the fund made it clear that it had no significant funds to cover its liabilities. Shortly after, users found Su Zhu's $50 million yacht, several houses in Singapore and other assets that could have been used to pay up.
The most recent $1 million transfer from OKX shows that the co-founders of 3AC may have some funds hidden across private wallets and cryptocurrency exchanges not tied to their names.
Thanks to the decentralized nature of the industry, it is extremely hard to unequivocally tell how many assets an entity has left and if they have anything hidden on their personal ledgers.
After receiving around 660 ETH, 3AC moved 990 ETH to a fresh Ethereum wallet that holds nothing but the aforementioned funds. It is not clear what the goal is behind all those operations. However, some users assumed that the fund is trying to redistribute its large holdings across several wallets to make the retribution process more complicated.
At press time, the official 3AC wallet holds only 49 ETH and $1.5 million in various liquid and illiquid tokens.