• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»Crypto»3AC co-founder requests $5 million
Crypto

3AC co-founder requests $5 million

Donald MunnBy Donald MunnJuly 20, 2022Updated:September 29, 2022No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Three Arrows Capital (3AC) co-founder Zhu Su turns out to be among the creditors of the company that went bankrupt in late June. 

I've just seen the list of creditors to #3AC and noticed that @zhusu has filed a claim for $5 million. While being on the run, he has somehow found the time to diligently and ruthlessly fill out forms to pursue a claim against his own Fund. https://t.co/YFfWmYZOoM

— Soldman Gachs ⌐◨-◨ (@DrSoldmanGachs) July 18, 2022

This was revealed on Soldman Gachs’ Twitter profile, himself a creditor of 3AC. 

Reviewing the list of creditors waiting to be repaid by 3AC, Soldman Gachs noticed that co-founder Zhu Su’s name appeared among several names. 

Zhu Su is in fact seeking a $5 million refund from the company he co-founded, and which is bankrupt. 

Soldman Gachs comments wryly: 

“While being on the run, he has somehow found the time to diligently and ruthlessly fill out forms to pursue a claim against his own Fund”.

It also revealed that creditors include ThreeAC Limited, or the fund’s investment manager, which is seeking a $25 million refund, as well as Algorand, Celsius Network, CoinList, Galaxy Digital, BlockFi, and BitGo among others. 

The total repayments demanded by creditors as a whole is around $2.8 billion, but there would be more demands coming. 

However, it is quite unlikely that the bankruptcy trustees will be able to repay everything to everyone, so the creditors will probably have to accept a loss, although the amount is not yet known. 

The amount requested by ThreeAC Limited is less than 1% of the total, while the amount requested by Zhu Su is less than 0.2 %, but it is still several million dollars. 

What turns many people’s noses up is that both Zhu Su and ThreeAC Limited may have had some kind of role in the fund’s failed management, so it sounds rather jarring that they are asking for money back. 

In fact, Zhu Su was an advocate of the Terra/Luna ecosystem, and it appears to be the implosion of this ecosystem that ultimately caused the failure of 3AC. 

Ready battalions$LUNA pic.twitter.com/eWdlRCQ4kD

— Zhu Su 🔺 (@zhusu) May 26, 2022

The fund’s investment manager himself was in fact responsible for the fund’s own careless investments that led it to accumulate unsustainable losses, thus it is curious, to say the least, that the two are asking to be reimbursed. 

However, this does not detract from the fact that bankruptcy trustees will prioritize, and thus some creditors may eventually receive less than others proportionately.

The post 3AC co-founder requests $5 million appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

The best PR films to inspire your crypto marketing strategy

January 2, 2023

Japan: tax breaks proposed for crypto investors

September 1, 2022

Bitcoin may have hit its low after Powell’s speech

September 1, 2022

Ripple’s plans to tokenize land in Colombia did not take off

September 1, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023

Ukraine Stands Strong: The SpendWithUkraine.com Initiative

February 2, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.