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3AC Founders Missing, Likely Running from Creditors After Announcing Bankruptcy
According to a court filing from Friday, the co-founders of bankrupt crypto hedge fund Three Arrows Capital are missing.
Zhu Su and Kyle Davies, who started Three Arrows Capital in 2012, were scheduled to appear at a hearing at 9 a.m. ET Tuesday to discuss the next steps in the liquidation process. The conspicuous absence of the two has led interested parties to believe they are running from creditors.
The documents, filed Friday evening, also allege that the founders have not yet begun to cooperate with the liquidation process “in any meaningful manner.”
At it’s height Three Arrows, also known as 3AC, managed about $10 billion in assets.
On July 1, the firm filed for Chapter 15 bankruptcy protection from U.S. creditors in the Southern District of New York, after a plunge in cryptocurrencies and the collapse of the terraUSD (UST) stablecoin project wiped out its assets, according to CNBC.
Inflation rises to Highest Level in 40 Years, Major Crypto gets Caught in the Crossfire
As inflation continues to rise, Bitcoin and Ethereum prices are sliding. Annual inflation in the US hit 9.1% in June — a number higher than analysts expected. As major crypto stocks fall more in line with the overall economy, the largest of them, Bitcoin and Ethereum, are being hit commensurate with rising inflation and an increasingly bear market.
Inflation is at its highest level in over 40 years, and the 9.1% number in June is a 1.3% jump from the previous month.
BTC dipped to a weekly low of $19,021.07 Wednesday, sliding 4% in a day and almost 6% in a week. ETH sat at $1,059.12 per shar mid-Wednesday after dropping almost 5% in a day and 10% in a week, according to Robinhood.
Bitcoin Investors Are Bearish on Outlook, New Survey Finds
Bitcoin has remained relatively stable around the $20,000 mark for the past few weeks following the crypto meltdown. But, a new survey suggests Bitcoin is more likely to hit $10,000 than $30,000.
According to a new MLIV survey, A majority sees Bitcoin tumbling to $10,000, with retail investors more bearish on crypto than professionals.
Sixty percent of the 950 investors surveyed believe Bitcoin is heading downward toward $10,000, whereas only 40% believe it is on the move back toward the $30,000 mark.
Some $2 trillion has vanished from the market value of cryptocurrencies since late last year, according to data compiled by CoinGecko.
Crypto Hiring Firm Inflection Points Secures Millions in Funding
A new crypto hiring firm founded by Colton Sakamoto and long-time crypto entrepreneur and investor Anthony Pompliano has just secured $12.6 million in funding.
The firm, called Inflection Points, has been building out a crypto-focused employment and corporate training business over the last 18 months to help connect crypto companies looking for talent with people who wanted to enter the space, according to TechCrunch.
Pompliano manages a portfolio valued at over $500 million and has invested in over 100 early-stage companies, including cryptocurrency exchange Coinbase and the recently-acquired-by-FTX crypto lending company BlockFi.
“On the side, I’ve built a large content platform. In crypto, I’d always ask founders of different platforms what they need help with and over and over they would say, ‘if you have great talent send them my way,’” said Pompliano. “You expect that to some degree, but hearing that so many times I learned companies were really struggling to find people and meanwhile my inbox was full of people who wanted to move into the industry.”