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SBF: Three Arrows Crisis ‘Couldn’t Have Happened’ with Transparent On-Chain DeFi
Sam Bankman-Fried weighed in on the current Three Arrows Capital crisis via Twitter, with the FTX founder and CEO saying it “couldn’t have happened with an on-chain protocol that was transparent.”
Singapore-based crypto investment firm 3AC last week was rumored to be insolvent after allegedly failing to meet margin calls from several lenders, including BlockFi and financial services company Genesis, according to the Financial Times.
Researchers also claimed via Twitter that the company took out a $264 million loan with Aave and a $35 million Compound loan.
The transactions haven’t been confirmed, but several big lenders to 3AC, including crypto exchange BitMEX, have started liquidating their positions, while portfolio companies are distancing themselves from the hedge fund.BitMEX and Others Exiting Three Arrows Capital Amid 3AC Insolvency Fears
Bankman-Fried’s suggestion came in response to a tweet asking industry figures how to “best ensure that a 3AC moment doesn’t happen again.” The CEO said that the top priority wasn’t “making sure no one ever goes under,” but keeping institutional credit transparent to retail investors.
The FTX CEO tweeted “regulation can help here” before following it up with, “so can DeFi,” adding the crisis would not have been possible with transparent on-chain DeFi apps.
Three Arrows Capital’s founders, Zhu Su and Kyle Davies, were accused of ghosting the public after their social media accounts were inactive for a few days.Is Multibillion-Dollar Hedge Fund Three Arrows Next to Unravel? Here’s What’s Going On
Zhu eventually broke his Twitter silence on Wednesday and admitted the hedge fund was having problems, but didn’t elaborate: “We are in the process of communicating with relevant parties and fully committed to working this out.”
On Friday, Davies told the Wall Street Journal that 3AC has hired legal and financial advisers “to help work out a solution for its investors and lenders.” He mentioned several options, including asset sales or a bailout by another firm.
1PoW Miners Rake in Profits Mining ETH Until the End, Ethash Networks Expect a Boost, JPMorgan Strategists Say ETC Could Benefit
In just over a month’s time, The Merge is likely to be implemented on the Ethereum blockchain and the network’s proof-of-work (PoW) miners will be forced to mine another coin. So far, it seems ethereum miners are sticking with the PoW Ethereum chain until the very end as profits have increased. While Ethereum will change the consensus ruleset, a great number of crypto community members are attempting to guess where the hashrate will go after The Merge transition. What do you think about The Merge and how miners will need to make a choice in 32 days when it comes to choosing an Ethash supporting blockchain? Let us know what you think about this subject in the comments section below. Disclaimer
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