New Project Three Arrowz Capitel Launched By Su Zhu

Key Points:

• Su Zhu and Kyle Davies launched a meme coin called “Three Arrowz Capitel” (3AC), which quickly reached a market cap of nearly $100 million.
• Concerns of potential market manipulation arose after blockchain analysis showed that 80% of the 3AC token supply is concentrated in a few connected wallets.

Founders of the now-bankrupt Three Arrows Capital, Su Zhu and Kyle Davies, have finally resurfaced after months of radio silence with a meme coin named “Three Arrowz Capitel” that quickly took off.

Read more: 3AC Liquidator Holds 75M WLD, Valued at $550M, Top Asset Amid Inactivity

Su Zhu Launch Meme Coin Three Arrowz Capitel

The new coin was launched on September 27. In a few hours, its market capitalization jumped to almost $100 million after briefly reaching over $170 million.

Three Arrowz Capitel claims to be an investment fund into high-risk projects, according to its website, including meme coins related to “dog,” “cat,” “Chinese,” and even some controversial “racist” tokens. Considering the playful website design and outlandish claims, though, it’s really hard to take this seriously as anything more than a cover for launching its meme coin.

Three Arrowz Capitel does have a link to a trading page for 3AC, which is a meme token on the Ethereum blockchain, with a maximum supply of 888.88 million tokens. Since its launch, 3AC’s price has jumped over 5,000%, something that raises suspicions of market manipulation.

Blockchain analytics from Bubblemaps also show that as much as 80% of this token supply is locked in a few wallets interconnected through ownership, which could be indicative of potential price inflation.

Su Zhu Arrested After Three Arrows Capital Collapse

Adding to the uncertainty around the project, it has an X account where there are regular meme-like posts of images of Zhu and Davies. Both founders have become central to the collapse of Three Arrows Capital in mid-2022 after the downfall of the LUNA-UST ecosystem.

At its peak, Three Arrows Capital was a major cryptocurrency venture capital fund managing $10 billion in assets. However, the fund over-leveraged and, through a series of poor investment decisions, found itself underwater in bankruptcy as wider crypto markets fell.

Su Zhu was arrested in Singapore in September 2023 for allegedly failing to cooperate with the authorities, and a liquidator reportedly froze as much as $1 billion in assets linked to the duo.