What is really going on? Su Zhu, the co-founder of Three Arrows Capital, has posted a cryptic statement on Twitter in response to swirling rumors that the company is battling against insolvency.
“We are in the process of communicating with relevant parties and fully committed to working this out.”speculation that 3AC started to reposition its balance sheet after being on the “wrong side of two synthetic trades — with size — in GBTC and stETH.”that the firm lost around $31.37 million through trading on Bitfinex during May.
According to Bitfinex Leaderboard, Three Arrows lost $31,370,031.97 in Bitfinex trading in May, ranking second. The account lost $37,278,593.9 on Bitfinex this year. In June, the account was not recorded. But losses on a single exchange may just be hedge.