According to Terra researcher FatMan yesterday, Zhu Su has returned to Singapore to seek a law firm specializing in white-collar crime defense to handle related matters, and appealed to the public not to have any expectations of getting the money back. The founder of Ethereum also mentioned on Twitter yesterday (23) that instead of buying a yacht, it is better to donate to Gitcoin, in order to humiliate the deeds of Zhu Su of Three Arrows Capital who recently purchased a luxury yacht of 50 million US dollars. (Recap:Zhu Su borrowed money to buy a “$50 million yacht” to show off his wealth? Voyager Digital borrowed more than 650 million magnesium from Three Arrows Capital, and its stock price plummeted 60%) (background supplement:“Three Arrows Capital Crisis Lazy Pack” is over-leveraged, suspected of doing asset management for investment projects)
newThree Arrows Capital, a Singapore-based hedge fund company, recently reported a liquidity crisis. Many companies said that they could not contact founder Zhu Su. The outside world speculated that they had run away. However, yesterday (23), according to Terra researcher FatMan, Zhu Su himself has already Back in Singapore and working in a law firm specializing in white collar crime defense.
FatMan appealed to the public that liquidation will definitely come, but there is still a high risk of default. FatMan analyzed that Three Arrows Capital is likely to have done illegal things (over-management of assets, misappropriation of funds), but after some means and processing, these creditors It may never be compensated, because the current 3AC does not have enough money to turn around, and he therefore advises retail investors to withdraw funds from Cefi platforms such as BlockFi, Voyager, and Nexo.
According to FatMan’s estimation, Three Arrows Capital’s illiquid equity investments, mainly Deribit and Starkware, are estimated to have total assets of $400 million, but debts of $2 billion, and estimated net assets of about $1.6 billion.
🧵 Su Zhu is now back in Singapore working with a law firm specializing in white collar crime. He really doesn’t want to go to prison, and creditors are after him. But how did he get to this point? Where did 3AC go wrong , and what should you do next?
— FatMan (@FatManTerra) June 23, 2022
V God satirizes Zhu Su
Interestingly, Vitalik, the co-founder of Ethereum, also rarely tweeted to satirize Zhu Su yesterday (23), and Vitalik said that the money should be used to support more developers instead of buying yachts:
Burning $50 million to impress people is far more honorable than buying a superyacht, like being a Gitcoin donationpartner. . . I want our world to be more like a utopia than a rich man’s desire for wealth, a zero-sum game that wastes social resources, and we should support public goods.
-Vitalik
There are far more honorable ways to burn $50m to impress people than buying a superyacht.
Like becoming a @gitcoin grants matching partner! Here are the matching partners for the current round: pic.twitter.com/GgzJh9pxLV
— vitalik.eth (@VitalikButerin) June 23, 2022
📍Related reports📍
SBF: A crisis like Three Arrows Capital cannot happen in a “transparent on-chain protocol”
Three Arrows Capital was exposed to concealing that the lender “borrowed hundreds of millions of magnesium to Anchor for arbitrage”, and also sold USDD to trigger decoupling
The next unexploded bomb? Liquidity Crisis in Blockfi After Celsius, Three Arrows Capital, SEC Fines
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