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The co-founder of the Three Arrows Capital fund got in touch for the first time in a month. He claimed harassment

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After nearly a month of being out of the public eye, the co-founder of crypto fund Three Arrows Capital (3AC) has once again come forward. On his Twitter, he posted screenshots of email correspondence from Advocatus Legal LLP, a law firm that represents 3AC in the bankruptcy liquidation of the fund’s assets, with the liquidators themselves. 

Meanwhile, lawyers involved in the case had previously said there were concerns about the disappearance of the company’s top executives. Suu Joo himself believes there is a deliberate campaign to discredit them. We’ll tell you more about the situation.

Note that the situation around one of the once leading cryptocurrency funds is getting worse. In particular, today it became known about the meeting of creditors, Three Arrows Capital, which will be held on July 18 and will be held by employees of the financial consulting firm Teneo.

To that end, they have also made a website that will gather the necessary information regarding the liquidation of the 3AC crypto fund.

It also became known yesterday that Three Arrows Capital crypto fund co-founders Soo Joo and Kyle Davis had no plans to participate in a court hearing in New York regarding what’s happening with 3AC. And that’s hardly a good sign for the company.

What’s going on with Three Arrows Capital?

One of Zhu’s published letters accuses authorized asset liquidators Russell Crumpler and Christopher Farmer of “harassment.” Here’s the relevant line from Suh, with which he broke the lingering silence on his part.

Why Zhu presents his cooperation with the liquidators as a positive phenomenon is unknown. Obviously, he had no choice but to hide from the investigation, which is hardly a good thing.

Recall that in a July 8 filing to the U.S. Bankruptcy Court for the Southern District of New York, Russell Crumpler and Christopher Farmer said that 3AC’s co-founders “have not yet begun to interact with the bankruptcy process in any meaningful way.” 

The statement also claimed that the whereabouts of Soo Joo and Kyle Davis were unknown, with the added “heightened risk” that Soo and Davis might try to transfer the firm’s assets to outside accounts.

But a published letter from Advocatus Legal LLP asks liquidators whether court documents mention “threats of physical violence” that 3AC founders and their families have received. Legal counsel for 3AC also noted that their clients “worked under great time pressure” as they also responded to inquiries from the Monetary Authority of Singapore (MAS).

Also, according to Decrypt’s sources, Suh and Davis “will not continue the conversation tonight,” referring to a discussion between 3AC and liquidators scheduled for this week. Next, foundation officials are awaiting a response from the liquidators, based on which the bankruptcy proceedings will proceed.

In the meantime, the fund is busy with a lawsuit that will likely end in its complete liquidation. Three Arrows Capital has serious solvency problems, in part because of the collapse of the Terra project this spring, as well as poor risk management. The failure of 3AC is a serious test for the entire crypto market, as the fund was a significant institutional player on its scale. 

Cryptocurrency

Important for Dogecoin: This Metric Jumps by Almost 100% Amid DOGE Price Rally

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TL;DR

  • Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
  • The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.

Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.

Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

DOGE Price
DOGE Price, Source: CoinGecko

Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).

Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”

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Cryptocurrency

Dogecoin (DOGE) Explodes 10% Daily, Bitcoin (BTC) Reclaims $70K (Market Watch)

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Bitcoin slumped hard yesterday and dropped below $69,000, but the bulls have taken charge since then, and the asset now stands well above $70,000.

While most alternative coins are slightly in the green, DOGE and BCH have gone on a tear with double-digit price gains overnight.

BTC Goes Above $70K

Last week was quite negative for the largest cryptocurrency, in which it fell to under $61,000 at one point and was down to $62,500 on Friday. The weekend finally saw a recovery attempt but BTC was stopped at $66,000.

It wasn’t until Monday that the asset started actually charting meaningful increases and soared to $70,000. More gains came on Tuesday and Wednesday that culminated in jumping to almost $72,000 yesterday.

However, the cryptocurrency failed to overcome that level, and the subsequent rejection pushed it south by over three grand to $68,500. The landscape now is quite different, and Bitcoin has returned to over $70,500 as the community’s anticipation for a $100,000 price tag grows stronger.

Its market capitalization has increased overnight but still stands below $1.4 trillion. Its dominance over the alts remains stagnant at just under 50% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE, BCH Go Up

Most altcoins were in a retrace mode yesterday but have managed to erase a large portion of the losses today. Binance Coin, Ripple, Toncoin, and Chainlink have increased by somewhere between 1% and 3%. Ethereum, SOL, ADA, and DOT are also in the green but in a more modest fashion.

Shiba Inu has gained over 4% overnight, but its increase is trumped by its older and larger brother – Dogecoin. DOGE has jumped by over 10% in a day and sits above $0.2.

Bitcoin Cash is the other notable gainer from the larger-cap alts. Just days ahead of its next halving, BCH has soared by 13% to over $550.

The cumulative market cap of all crypto assets has increased by about $50 billion overnight but still stands below $2.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

BlackRock CEO Remains Confident on Ethereum ETFs, Says IBIT Is The Fastest-Growing ETF

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In a recent interview on FOX Business, BlackRock CEO Larry Fink shared his insights on the potential for an Ethereum exchange-traded fund (ETF) amidst regulatory scrutiny.

Despite concerns over a possible designation of Ethereum as a security by the U.S. Securities and Exchange Commission (SEC), Fink expressed confidence in the feasibility of launching such an ETF.

SEC’s Stance on Ethereum Raises Doubts

BlackRock and several other ETF providers have submitted applications for a spot Ethereum ETF to the SEC. However, there are doubts regarding the agency’s approval of these ETFs as the May deadline approaches.

When asked about the SEC’s stance on ETH possibly being classified as a security, Fink refrained from providing detailed commentary but remained optimistic. “But I don’t think that designation is going to be too deleterious,” Fink stated, suggesting that such a designation wouldn’t necessarily hinder the creation of spot Ethereum ETFs.

It was recently disclosed that the SEC is exploring the classification of Ethereum as a security and has issued subpoenas to three companies for details regarding the Ethereum Foundation, a Swiss nonprofit important to the growth and advancement of the blockchain. This development has raised concerns about the possibility of launching an Ethereum ETF in the United States.

On the other hand, analysts in the field are sharing differing opinions. Bloomberg’s ETF experts James Seyffart and Eric Balchunas have voiced doubts, pointing to the SEC’s minimal interaction with filings as worrisome. However, Craig Salm has countered this argument, suggesting that the SEC’s lack of engagement shouldn’t necessarily signal the approval outcome.

Fink Bullish on Bitcoin

Despite these challenges, Fink remains optimistic about Ethereum’s and Bitcoin’s long-term prospects. BlackRock is not only pursuing an Ethereum ETF but also operates one of the most successful spot Bitcoin funds, the iShares Bitcoin Fund (IBIT), which has amassed over $17 billion in assets under management since its approval in January.

IBIT is the “fastest-growing ETF in the history of ETFs,” Fink stated on Fox Business. He also said he is “very bullish on the long-term viability of Bitcoin. We’re creating now a market that has more liquidity, more transparency, and I’m pleasantly surprised and would have never predicted it before we filed it that we were going to see this type of retail demand,” he added.

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