There are now five triggers behind the dramatic fall in crypto prices. The current threat is the crypto hedge fund 3AC, which claims to have misappropriated nearly $ 1 million with its trading partner.
TheBlock also reports that it is advising crypto lender Celsius on the election following the CT exit ban. There are also concerns about the current ETH coin price, new updates from Tetra about stable coin stocks and Chainalysis Terra stablecoin fall analysis.
Capital Arrests of Three Arrows
Most of the talk about the cryptocurrency hedge fund 3AC situation is out of record or anonymous Twitter analysts. Yesterday, co-founder ዡ S Posted on Twitter.“We are in the process of talking to stakeholders and we are fully committed to doing so.”
One of its trading partners, 8BlocksCapital, went ahead, claiming that 3AC had misappropriated nearly $ 1 million.
MIT and Cambridge-educated Danny Juan, CEO of 8BlocksCapital, is not a high profile person or firm. Twenty months ago, 8BlockCapital agreed with 3 AC to use 3 AC business accounts. This is because 3AC is a big player in the market and you get the best deal.
Yuan said. Twitter“We will release our agreement with them at any time,” he said. 100% PNL is ours. They should never move our money without permission… and in return we will pay for their services.
However, he said in recent days 3AC has used up to $ 1 million from 8 BlocksCapital Funds to meet margin calls, and “they still have assets on multiple platforms (you know who you are). We ask people with 3AC to stop their property for further payment after legal proceedings.
One of the latest crypto boom issues is the level of usability. And the solution is not pretty, especially 3AC is very closely associated with marketers and liquid suppliers.
Tether stablecoin responds
Yesterday, Paolo Ardoino, the largest statcoin Tether CTO, responded to concerns about stable coin assets by stating that he had no exposure to 3AC. Tether has reportedly lent $ 1 billion to Celsius. Ardoino has stated that he has no interest in Celsius and that his loan to Crypto has been repaid.
Another concern about Tether is the amount of paperwork included in assets that support stable coins. Ardoino said. The currency was halved over the previous quarter, reaching $ 8.4 billion at the end of June, reaching $ 72.5 billion.
Terra and stETH analysis
And Coinshares’ Steking analyzed the discount on Lido’s stETH used, which shocked some in the crypto sector. While the token can be redeemed for ETH 1 in the future, it currently has a discount of more than 6%. Some have likened this to a stable coin, but it is not a stable coin. Coinshares argues that there should be some discounts at this stage because it is not yet feasible, and there are risks, including liquid risks and smart contract risks in the Lido Stacking service.
And Chainalysis Terra shared the results of the investigation into transactions due to failure.