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Three Arrows Capital Wallet Removed $33 Million Worth Of stETH From Curve Pool

According to on-chain data, a wallet linked to the insolvent crypto hedge fund Three Arrows Capital removed $33 million worth of staked Ether (stETH) from the Curve pool.

The Singapore-based investment fund filed for bankruptcy in July 2022. According to the stats, Three Arrows Capital withdrew 200 BTC, 4 million USDT, and about $4 million worth of WETH from Convex, a platform that boosts rewards for Curve stakers and liquidity providers.

From Nansen’s data, a wallet marked as belonging to 3AC has been inactive 10 days since unwrapping $9 million worth of stETH.

Three Arrows Capital was one of the companies that went bankrupt during this year’s cryptocurrency bear market. According to a court statement published in July by its liquidator Teneo, it owes its creditors $2.8 billion due to a series of highly leveraged trades about the Terra (LUNA) network, which failed in May.

Based in New York, Teneo obtained a vital court judgment in Singapore on August 24, authorizing it to investigate 3AC’s local assets. Teneo controlled at least $40 million of the firm’s assets.

As of now, the hedge fund has yet to comment on the latest news.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.