{"id":476815,"date":"2022-07-22T22:45:00","date_gmt":"2022-07-22T19:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/"},"modified":"2022-07-22T22:45:00","modified_gmt":"2022-07-22T19:45:00","slug":"crypto-biz-the-3ac-saga-takes-another-bizarre-twist","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/","title":{"rendered":"# Crypto Biz: The 3AC saga takes another bizarre twist"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dd28c2b2f0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dd28c2b2f0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/#%E2%80%9D_Crypto_Biz_The_3AC_saga_takes_another_bizarre_twist_%E2%80%9C\" >&#8221; Crypto Biz: The 3AC saga takes another bizarre twist &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/#Source_claims_3ACs_Deribit_exposure_is_worth_much_less_than_reported\" >Source claims 3AC\u2019s Deribit exposure is worth much less than reported<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/#Life_after_crypto_biz_Retrenched_staff_ponder_future_in_the_job_market\" >Life after crypto biz: Retrenched staff ponder future in the job market<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/#Amazoneth_ENS_domain_owner_disregards_1M_USDC_buyout_offer_on_OpenSea\" >Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/#Breaking_Zipmex_suspends_withdrawals_as_CEO_denies_financial_trouble_rumors\" >Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\/#Dont_miss_it_Is_the_Bitcoin_relief_rally_finally_here\" >Don\u2019t miss it! Is the Bitcoin relief rally finally here?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Biz_The_3AC_saga_takes_another_bizarre_twist_%E2%80%9C\"><\/span>&#8221; Crypto Biz: The 3AC saga takes another bizarre twist &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNTY0NDU3MmMtYTVhOC00MjdkLWJjOTEtOGY1ZjAxMTBjMGM5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, but he ran arguably the most revered hedge fund in crypto \u2014 Three Arrows Capital, also known as 3AC. Then, the bear market of 2022 exposed 3AC as a house of cards run by founders who believed their own hype \u2014 and made reckless business decisions along the way.\u00a0<\/p>\n<p>With the 3AC saga still unfolding, we received privileged information this week about the company\u2019s remaining assets. The revelations aren\u2019t good if you\u2019re a 3AC creditor looking to be made whole again. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Source_claims_3ACs_Deribit_exposure_is_worth_much_less_than_reported\"><\/span>Source claims 3AC\u2019s Deribit exposure is worth much less than reported<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An anonymous source close to the 3AC debacle reached out to Cointelegraph this week to reveal startling details about the failed hedge fund\u2019s remaining assets. According to the source, 3AC\u2019s holdings of Deribit shares are worth much less than reported in court documents filed by liquidator Russell Crumpler. It was believed that 3AC\u2019s exposure to Deribit, a crypto options platform, was worth $500 million, or half of the hedge fund\u2019s remaining assets. But, according to our sources, the value of 3AC\u2019s Deribit shares is actually closer to $25 million. Read on to find out how they reached that number \u2014 and why 3AC might be in bigger trouble than initially believed. <\/p>\n<p><strong><em>Related:\u00a03AC founders reveal ties to Terra founder, blame overconfidence for collapse<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Life_after_crypto_biz_Retrenched_staff_ponder_future_in_the_job_market\"><\/span>Life after crypto biz: Retrenched staff ponder future in the job market<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Gemini, Coinbase, Crypto.com, BlockFi and now OpenSea \u2014 crypto winter has resulted in mass layoffs, costing the industry thousands of jobs. OpenSea\u2019s firing spree was especially remarkable, given that the company had grown to become the world\u2019s largest nonfungible token market with billions of dollars in monthly turnover. Shocked and disgruntled staff recently took to Twitter to vent their frustrations. Crypto has a bright future ahead, but if you\u2019re looking to work full-time in the industry, prepare for volatility \u2014 and have a backup plan just in case. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today is a hard day for OpenSea, as we\u2019re letting go of ~20% of our team. Here\u2019s the note I shared with our team earlier this morning: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/E5k6gIegH7\">pic.twitter.com\/E5k6gIegH7<\/a><\/p>\n<p>\u2014 Devin Finzer (dfinzer.eth) (@dfinzer) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/dfinzer\/status\/1547648521607659522?ref_src=twsrc%5Etfw\">July 14, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Amazoneth_ENS_domain_owner_disregards_1M_USDC_buyout_offer_on_OpenSea\"><\/span>Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Speaking of OpenSea, an anonymous wallet address on the platform recently offered $1 million to purchase Ethereum Naming Service (ENS) domain Amazon.eth. The offer, which was made in USD Coin (USDC), expired on Tuesday after the domain owner didn\u2019t respond. It\u2019s unknown whether the owner refused to respond to the offer or simply wasn\u2019t informed that it was made. Interestingly, the previous sale of Amazon.eth took place five months ago for a value of 33 Ether (ETH). Much like house-flipping, domain flipping on the decentralized internet could be big business in the future. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Breaking_Zipmex_suspends_withdrawals_as_CEO_denies_financial_trouble_rumors\"><\/span>Breaking: Zipmex suspends withdrawals as CEO denies financial trouble rumors<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Thai cryptocurrency exchange Zipmex decided to pause withdrawals on Wednesday, mere hours after Cointelegraph questioned the CEO about rumors that the firm was facing financial troubles. The odd timing aside, Zipmex said the decision was \u201cdue to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners.\u201d Pausing user withdrawals is one of the most troubling trends facing crypto platforms in 2022. It\u2019s often a sign of liquidity constraints and poor risk management. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.<\/p>\n<p>\u2014 ZIPMEX (@zipmex) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/zipmex\/status\/1549699440302166016?ref_src=twsrc%5Etfw\">July 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Dont_miss_it_Is_the_Bitcoin_relief_rally_finally_here\"><\/span>Don\u2019t miss it! Is the Bitcoin relief rally finally here? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After months of relentless selloffs, Bitcoin (BTC) and the broader cryptocurrency market are rallying again. Has BTC formed a true bottom, or is this merely an overdue relief bounce in a continued downtrend? In this week\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=MkzEb88kv14\">Market Report<\/a>, I got to dissect this topic in greater depth with fellow analysts Jordan Finneseth and Benton Yuan. You can watch the full replay below. <\/p>\n<p><iframe loading=\"lazy\" title=\"Bitcoin relief rally is FINALLY here! Will it last?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/MkzEb88kv14?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-biz-the-3ac-saga-takes-another-bizarre-twist\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Biz: The 3AC saga takes another bizarre twist &#8220; About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on social media, but he ran arguably the most revered hedge fund&#8230;<\/p>\n","protected":false},"author":1,"featured_media":476816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNTY0NDU3MmMtYTVhOC00MjdkLWJjOTEtOGY1ZjAxMTBjMGM5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74860,117,71433,71745],"class_list":["post-476815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrency-exchange","tag-business","tag-court","tag-venture-capital"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=476815"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/476816"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=476815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=476815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=476815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}