Coin News

3AC Ethereum Address Suddenly Moved 10,000 ETH On Exchange: Potential Reasons

30 Aug, 20222 min readEthereum
3AC Ethereum Address Suddenly Moved 10,000 ETH On Exchange: Potential Reasons

As the OkLink page suggests, the address owned by Three Arrows Capital ending with 5748 moved a large sum of ETH and a batch of other cryptocurrencies, USDT included, to addresses owned by centralized exchanges like Binance and OKX.

Legal representation

On Aug. 26, U.Today covered how the co-founder of the notorious fund might face imprisonment, according to his own claim. This fact confirms that one of the leaders of the fund does not underestimate the seriousness of law enforcement that puts a target on the fund's managers' and affiliates' backs.

The most recent transfer worth more than $17.6 million might be redistributed among the fund's managers and operational directors, who will certainly need legal representation in the future in order to avoid real jail time.

Operational expenses

It is a well-known fact that the fund is going through a bankruptcy and liquidation process as it took a critical hit after the price of the first cryptocurrency plunged below $20,000 more than a month ago.

To cover operational expenses and proceed through the liquidation process, the fund might need to increase the liquidity of its portfolio and holdings. Considering the centralized nature of exchanges that received funds from 3AC wallets, they are most likely going in the right direction.

No jurisdiction in the world put any limitations on the funds of 3AC yet, despite the lack of communication from the fund's representatives.

On June 29, the liquidation order of Three Arrows Capital was issued by a court based in the the British Virgin Islands. As for now, the fund is still actively selling its assets with only 1,710 ETH left on the abovementioned wallet.

Source

Subscribe to get our top stories

Coin News
App StoreApp Store