Latest Zhu Su News

Three Arrows Capital (3AC), one of the largest digital currency venture capital companies, fails to meet margin calls. As a result, some of its lenders like BlockFi have began liquidated the positions that 3AC had on its platform. https://twitter.com/BlockFiZac/status/1537499455007645696 What happened to 3AC? 3AC was one of the largest holders of a few coins and tokens that are down nearly 90% from their all-time highs, such as Terra (LUNA), Solana (SOL), Avalanche (AVAX), and Axie Infinity (AXS). After LUNA crashed and the digital currency market continued to plummet, the founders of 3AC went dark—they stopped tweeting and its co-founder deleted his social media account. https://twitter.com/MoonOverlord/status/1536692319004549125 Rumors began to spread that 3AC was insolvent; the fund was known for taking leveraged bets and being a power-user on some of the most popular digital currency lending platforms. Many of the companies 3AC worked with and borrowed from tried to get in contact with the team once they heard these rumors, but the 3AC team did not answer their calls. https://twitter.com/Danny8BC/status/1537224396687155201 Then, 3AC co-founder Zhu Su broke his Twitter silence and sent a tweet indicating that Three Arrows Capital was trying to work its way out of a bad position. Many people took this tweet as confirmation that 3AC was on its way to insolvency. https://twitter.com/zhusu/status/1536876343815983104 Can 3AC tank the market? 3AC had a presence on many different digital currency platforms, which means that many different digital currency platforms have exposure to 3AC. https://twitter.com/CryptoEthan/status/1537511336908685312 3AC is inching towards insolvency and possibly bankruptcy, and its actions negatively affect the businesses it worked with and through. https://twitter.com/finblox/status/1537414199890296838 Finblocks, a digital currency lending platform that 3AC is an investor in, has reduced its withdrawal limits, disabled the creation of wallet addresses for new users, suspended its referral program, and suspended reward distributions on its platform while it “evaluates the effect of 3AC on the liquidity.” https://twitter.com/Danny8BC/status/1537224401690980352 Because 3AC had a hand in so many different digital currency platforms, its insolvency could harm the broader blockchain and digital asset markets, especially if service providers are forced to liquidate 3AC positions due to the risk that they pose, which would add to the selling pressure in an already declining market. 3AC’s insolvency is a developing story, but some expect it to come to an end via legal proceedings against the venture capital firm. https://twitter.com/Danny8BC/status/1537224403553243136 Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here: https://www.youtube.com/watch?vggbZ8YedpBE Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here: https://www.youtube.com/watch?vRzJsCRb6zt8 Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here: https://www.youtube.com/watch?vRzSCrXf1Ywc