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Rich white fuckers ....... screwing over poor uneducated .....simple minded ........greddy white fuckers .......its a fuckers game and the rich white fuckers......... have fucked over those poor investors......its a game of fuckers and the fuckees.....we all know these white corporate fuckers are just theiving bastards but the stupid fall for their shit every fucking time .....and you know what you get what you deserve for being a fucking ding dong .....dont give white...... smarmy suit covered ..... corporate.... pricks your money......donthate the player ........hate the game ......if they get caught ....its blood farts for breakfast
Founders who ‘cannot be trusted’ and a $50 million yacht: New Three Arrows Capital bankruptcy filing sheds light on the crypto hedge fund’s epic demise
Kyle Davies and Zhu Su, the founders of Three Arrows Capital (3AC), are nowhere to be found, but the size of their firm’s gargantuan debt obligations have come into clearer view. The crypto hedge fund owes $3.5 billion to 27 different companies, including $2.3 billion to digital currency lender Genesis Global Trading, according to a court filing in the firm’s bankruptcy made public on Monday.
“3AC is insolvent and should be wound up,” creditors argued in a 1,157-page affidavit filed in a British Virgin Islands court. “Its management cannot be trusted to retain any remaining assets for the benefit of creditors.”
The Singapore-based firm was once one of crypto’s largest and most prominent funds, managing over $10 billion. But a poorly timed investment in Luna coin prompted investors to demand their funds back, ultimately forcing 3AC to file for Chapter 15 protection and sending its founders on the run from a swarming group of creditors and regulators.
The court-appointed liquidator, Teneo, uploaded the bankruptcy filing to a website it created called 3acliquidation.com on Monday. Teneo has since taken down the post, but the filing zipped around the internet and is now uploaded elsewhere.
Collectively, the hundreds of pages plot out the timeline of 3AC’s demise, according to the firm’s creditors.
“Matters appear to have gone wrong in April or May 2022, when 3AC was reported to have spent between USD $200 to $600 million to purchase ‘Luna,’” the filing says. That investment occurred at an inopportune time. In early May, the algorithmic stablecoin TerraUSD began to wobble from its dollar peg, suggesting that its parent company, the South Korea–based Terraform Labs, and Luna, a companion cryptocurrency coin, were running out of funds. By May 12, the price of Luna dropped from $80 to a few cents as the currency system collapsed. That day, Davies and another 3AC employee allegedly told creditors that the hedge fund did not have “too much” exposure to Terra’s downfall, according to the filing.
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