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3AC Co-Founder Zhu Su Criticizes FTX, Alameda Fiercely

Zhu Su, the co-founder of Three Arrows Capital, slammed FTX and Alameda Research on Tuesday for utilizing lenders’ money to bail them out.

Zhu Su criticized FTX and Alameda for manipulating the cryptocurrency market in a series of tweets on November 29. FTX and Alameda are said to have borrowed money from crypto lenders like BlockFi and Voyager to bail them out.

He noted that Sam Bankman-Fried and BlockFi accused Three Arrows Capital of “double pledging collateral” and rigging the cryptocurrency market by routing client wire payments to FTX via trading company Alameda Research.

Zhu Su also stated that the same manipulation occurred during the Voyager sale in July. Alameda was unable to repay its own debt to Voyager.

BlockFi is an FTX creditor who lends money to Alameda. The money is then loaned to Emergent, SBF’s personal holding company that acquired Robinhood shares. Emergent committed Robinhood shares as security on November 9 to guarantee BlockFi’s FTX loan, which was used to bail out BlockFi.

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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.