- 3AC in liquidation of $400 million.
- Transfers $90 million worth FTT on KuCoin.
- Refrains FTX from tracking its transactions.
The Three Arrows Capital (3AC) has been facing quite tough times recently. Indeed, the entire crypto-based firms and institutions are undergoing the same pain. The Dubai-based crypto funding firm is under many risks now.
In spite of all this, the crypto hedge fund firm, 3AC, is currently under liquidation of $400 million. Apart from this, the firm is also under a collateral debt of $183 million for about $235 million stake upon Ethereum (ETH).
With such high debts into account, the 3AC has transferred about $90 million worth of FTT through KuCoin exchange. This $90 million FTT transaction has been done by three different transactions, taking place back to back within a time difference of merely more than an hour.
The Suspect’s of Larry Cermak
Accordingly, a few hours back, the Vice President and Director of The Block, Larry Cermak, took onto Twitter thrashing 3AC. Larry Cermak heads a research team constantly researching Bitcoin (BTC), ETH, blockchain, and much more deeply into the crypto attributes, specifically Decentralized Finance (DeFi) based.
Don’t really understand why 3AC would send $90M of FTT on KuCoin instead of FTX. Some weird things going onhttps://t.co/Syd6UGIGvP pic.twitter.com/A4XR1dl38U
— Larry Cermak 🫡 (@lawmaster) June 15, 2022
On the contrary, the FTT is actually the active token of the FTX exchange platform. But, yet 3AC has transferred $90 million worth FTT through KuCoin exchange platform instead of FTX. This owes to be suspicious, as Cermak states that the 3AC are trying to make their transactions anonymous.
In addition, Cermak points out that 3AC might be using KuCoin to deposit to a new account, such that the transactions are completely out of the eyes. Also, Cermak points out that there are possibilities for FTX to stop their transfer of FTT worth $90 million, amidst their pathetic debt conditions.
