Behind the dramatic crash in cryptocurrency prices, there are now five triggers that have contributed to the rout. The current evolving concern is the status of crypto hedge fund Three Arrows Capital (3AC), with a business partner claiming it has used around $1 million of its funds without authorization.
TheBlock also reported that Citi is advising crypto lender Celsius on options following its suspension of withdrawals. Additionally, there are new updates regarding concerns over the value of the staked ETH coin stETH, from Tether about its stablecoin reserves, and an analysis of the Terra stablecoin fallout by Chainalysis.
A considerable amount of gossip about the status of crypto hedge fund 3AC has been off the record or from anonymous Twitter commentators. Yesterday co-founder Zhu Su tweeted, “We are in the process of communicating with relevant parties and fully committed to working this out.”
One of its business partners 8BlocksCapital has stepped forward, alleging that 3AC used almost $1 million of its funds without authorization.
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