Breaking their silence, the founders of Three Arrows Capital described the insolvent crypto hedge fund’s collapse as 'regrettable' but denied claims they pulled money from the fund before its collapse.
The duo described the collapse as"regrettable," but denied claims they pulled money from the fund before its collapse, according to the report.
The collapse of Three Arrows, also known as 3AC, was seemingly triggered by the fall of the Terra ecosystem and sent ripples in the crypto market. Investors are claiming the defunct fund still owes them $2.8 billion. On Monday, arevealed the extent of the hedge fund's debt following the implosion, with individual claims worth over $1 billion.
The founders declined to say where they were, but one of the lawyers on the call said their ultimate destination is the United Arab Emirates , the report added. “Given that we had planned to move the business to Dubai, we have to go there soon to assess whether we move there as originally planned or if the future holds something different for us,” Zhu added.
In the report, Zhu said the reason for the fund's collapse was placing leveraged trades with hope that the crypto market would rebound to the upside. He compared 3AC's implosion to that of Celsius Network, a crypto lending firm that
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