Though cryptocurrency is polarizing, there’s one thing everyone can agree on: It’s volatile.
Valuationsquickly reach dizzying heights, but can get pulverized into the ground just as fast.
Exemplifying that dichotomy is Three Arrows Capital, a Singapore-based hedge fund thatfiled for bankruptcy on July 1.
Three Arrows Capital was contacted for comment but did not immediately respond.
McGarraugh said in an affidavit he was concerned by Zhu and Davies' extravagant purchases.
McGarraugh also pointed to a$35 million homeZhu purchased in Singapore last December.
The overarching revelation from the proceedings has been that 3AC owes $3.5 billion to 27 different crypto creditors.
Much of this – $2.36 billion – is owed to just one, Genesis.
Three Arrows Capital was hit hard by the collapse of luna and its associated terraUSD stablecoin.
When terraUSD unpegged, it led to $14 billion being wiped from the market.
Three Arrows Capital managed a fund estimated to be worth $10 billion back in March,reported Fortune
