Three Arrows Co-Founder Gives Pace To Insolvency Rumors: 'Fully Committed To Working This Out'
Zhu Su, the co-founder of the cryptocurrency investment firm Three Arrows Capital has spoken out on social media as rumors swirl around the hedge funds impending insolvency.
What Happened: The 3AC co-founder tweeted, We are in the process of communicating with relevant parties and fully committed to working this out.
Zhus comments came even as cryptocurrency Twitter was abuzz with rumors that the Singapore-based hedge fund was going bust.
Why It Matters: 3AC sold $40 million of Lidos staked Ether (stETH) early Tuesday, according to a report from cryptocurrency publication The Defiant, which cited blockchain data.
While stETH maintained a peg with ETH, that changed dramatically last week as the beleaguered Celsius (CEL) began to sell its holdings to facilitate withdrawals.
Three Arrows also suffered heavy losses due to its exposure to Terra Classic (LUNC), reported The Block.
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