3AC Ethereum Address Suddenly Transferred 10,000 ETH to an Exchange
According to the OkLink website, the address ending in 5748 belonging to Three Arrows Capital transferred a considerable amount of ETH and a variety of other cryptocurrencies, including USDT, to addresses belonging to centralized exchanges such as Binance and OKX.
U.Today reported on August 26 that, according to his own assertion, the co-founder of the infamous fund may face jail time. This proves that one of the fund’s executives does not underestimate the severity of law enforcement, which makes the fund’s management and associates a target.
The most recent transfer in excess of $17.6 million may be shared among the fund’s management and operational directors, who will need legal counsel in the future to avoid actual prison time.
It is a well-known truth that the fund is in the midst of a bankruptcy and liquidation procedure, having suffered a severe blow when the price of the first cryptocurrency dropped below $20,000 a month ago.
The fund may need to improve the liquidity of its portfolio and assets in order to pay operating expenditures and continue with the liquidation process. Given the centralized structure of exchanges that have accepted cash via 3AC wallets, it seems probable that they are moving in the correct way.
Despite the absence of contact from fund officials, no authority around the globe has yet placed restrictions on 3AC’s money.
A court headquartered in the British Virgin Islands issued the liquidation order for Three Arrows Capital on June 29. With just 1,710 ETH remaining in the aforementioned wallet, the fund is still aggressively selling its holdings.