The major crypto hedge fund Three Arrows Capital (3AC) is rumored to be insolvent, with reports suggesting the firm has already faced massive liquidations and on-chain data indicating large sales of ethereum (ETH) staked on staking provider Lido in the past week.
3AC is one of the largest hedge funds in the crypto industry, and a crash, it is widely believed, would have large and widespread consequences, as the industry was hit by the Terra crash in May, and a major crypto lender, Celsius, got into troubles this week.
The rumors that have circulated about 3AC are largely based on on-chain data from the Ethereum network. The Block reported that the fund has already faced liquidations of several hundred million US dollars.
Per data from blockchain forensics company PeckShield, ETH 15,743 (USD 16m) "supposedly related to 3AC" have been liquidated today.
At the time of writing (09:20 UTC), ETH traded at USD 1,026, down nearly 16% in a day and 44% in a week.
Meanwhile, reports also...
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