三箭资本 · 776

Three Arrows Liquidator Sues Zhu Su's Wife for Roughly $40 Million Proceeds from Sale of Dubai Property

Comparatively, according to “The Business Times”, the crypto hedge fund Three Arrows Capital (3AC), which has entered into the liquidation process, is suing Evelyn Tao Yaqiong, the wife of co-founder Zhu Su, to recover a sum of about 146 million dirhams (about 40 million US dollars) of Dubai property sales proceeds. According to the liquidator, the property was purchased about three weeks before 3AC went into liquidation in June 2022 at a purchase price of about 110 million dirhams (approximately US$30 million), and the funding is suspected to be a $50 million cryptocurrency loan obtained by Zhu Su from 3AC. In October 2023, Zhu Su transferred ownership of the property to his wife while serving a prison sentence in Singapore, and the property was subsequently sold for approximately $40 million in January 2024. The 3AC liquidator argued that Zhu Su transferred the property to keep the assets out of the scope of creditors and liquidators, and alleges that it transferred funds from the company to purchase assets in violation of fiduciary duties. Zhu Su's wife denied the allegations, saying she was unaware of the source of funds or Zhu Su's alleged irregularities, and claimed that the property was a gift of personal property to her. She also stated that the two separated as early as 2022 and believed they were entitled to the proceeds from the sale of the property. Three Arrows Capital went bankrupt in 2022 due to the crypto market crash and currently owes more than $30 billion to creditors, and liquidators previously sought to recover around $1.3 billion in assets from the two founders.

17d ago

Sacrificing three exchanges in a month, can the Crypto bull market still come?

The midwaist exchange business seems to have come to an end. On July 1, AscendEX ceased operations. On July 23, BitMEX, which once defined a cryptographic perpetual contract and brought 100x leverage to the mainstream market, announced that it would close after two months. Three days later, BitMart, which has been in operation for nearly nine years, initiated a shutdown procedure: it stopped accepting new users and deposits, ended spot and contract trading on August 26, and officially terminated platform operations on January 31, 2027. In less than a month, three centralized exchanges (CEXs) that have gone through at least one round of bull and bear cycles have left the market one after another. In a market that is used to treating bad news as an inverse indicator, this can easily raise the question: exchanges can't survive. Has the crypto market bottomed out? This is not another FTX moment where AscendEX was originally known as BitMax. According to official data, it was founded by a Chinese team with a background in quantitative trading on Wall Street. Founder George Cao and others are closely linked to the New York financial community. BitMart was founded by Sheldon Xia. In the early days, he participated in events organized by the Yangtze River Business School and the Chinese and US blockchain community in New York, and also set up a team in New York; however, its global business has been operated through offshore entities for a long time, and public commercial data shows that it is headquartered in the Cayman Islands. Both have clear Chinese entrepreneurial backgrounds and experience in the US market, and are typical examples of the “Wall Street team plus offshore trading platform” entrepreneurial model in the early years. This model used to work very well. Between 2017 and 2021, an exchange is not required to obtain a full license in every market or have a bank-level compliance and escrow system. As long as the coin is listed fast enough, the contract leverage is high enough, and there are enough rebates, and with the Chinese-speaking community, Telegram, and KOL subscription channels, it is possible to quickly accumulate users in a round of bull markets. By 2026, these conditions are far from enough. Judging from current public information, the three exchanges can be boiled down to three “dead” methods: AscendEX faced liquidity and compliance pressure, BitMart chose to exit in an orderly manner, and BitMEX was left behind by users and trading volume. What they all have in common is that they can no longer afford the high costs of a global crypto exchange. On the face of it, exchanges have been shut down one after another, which is easily reminiscent of the FTX-style crisis in 2022. However, the transmission mechanism is not the same this time. The bear market in 2018 was the disappearance of demand. The ICO bubble burst, a large number of tokens lost liquidity, retail investors withdrew, and listing fees, transaction fees, and Taiwan dollar valuations fell together. According to CoinGecko's statistical method — which defines Bitcoin running below the 200-day EMA for 30 consecutive days as a bear market — the bear market from 2018 to 2019 continued for 385 days, with Bitcoin's biggest retracement of 83.6%. The problem in 2022 is that the credit chain is broken. After Terra's collapse, the complex borrowing and asset liability relationships between Three Arrows Capital, Celsius, Voyager, Genesis, and FTX turned the failure of a single project into a credit contagion for the entire industry. According to Bank for International Settlements statistics, after the Terra incident, the market value of crypto assets of more than 450 billion US dollars evaporated; after FTX went bankrupt, the market lost about 200 billion US dollars. In the 2026 shutdown wave, there was no serial rush of the same scale. It's more like a slow but complete structural elimination: total market volume falls, regulatory thresholds are raised, liquidity is concentrated at the head, and on-chain transactions take users from the other side. Regulation has gone from a potential risk to a cost of doing business. EU MiCA will be fully applicable from December 30, 2024. According to ESMA's explanation, the original crypto service provider can continue to operate for a period of time according to member state regulations, but the transition period must not exceed July 1, 2026 at the latest. Platforms that are not authorized by MiCA cannot continue to rely on the original system to carry out related business after the transition period is over. AscendEX ceased operations on July 1st. It also acknowledged in the announcement that the platform was not authorized by MiCA. But compliance is only one reason: AscendEX also mentioned failed financing transactions, market pressure, and financial condition assessments. Regulation didn't kill this exchange alone. It just makes an already weak balance sheet more difficult to maintain. The old exchange model is dead. The “incremental sharing dividend” ended the second quarter of 2026, and the total market value of the crypto market fell 12.6%, from $2.4 trillion to $2.1 trillion, about 52% lower than the October 2025 high. More importantly, “cash” in the industry is also dwindling. The total stablecoin market capitalization fell 1.6% quarterly to 3...

25d agoWendy#CEX #DEX #Exchanges #Shut down the tide topic #original #Bitcoin #Bull market #viewpoints

Zhu Su: Oil is probably the best analogy for AI, which will eventually be commercialized

Comparing news, Zhu Su, co-founder of Three Arrows Capital, wrote that oil is probably the best analogy for AI. They all come in many different forms, but will eventually be commercialized; they all require large-scale, often state-supported capital to drive development; the benefits will widely benefit society as a whole, and will also be accompanied by negative external impacts that need to be properly managed — environmental pollution for oil, and energy consumption, employment shocks, and other social risks for AI.

33d ago

David Hoffman: BTC is at the 200-week EMA, and the current environment is difficult to replicate an FTX-level systemic crash

Comparing the news, David Hoffman, co-founder of Bankless, who previously announced the clearance of ETH, issued an opinion stating that currently the price of Bitcoin happens to be on the 200-week moving average (MA). Reviewing market history, BTC only effectively fell below this moving average during the bear market phase when successive thunderstorms triggered a series of industry liquidations by Terra, Three Arrows Capital, and FTX. It is also an extremely destructive systemic crisis in the history of the crypto industry. In his view, the market risks brought about by Michael Saylor's Strategy launch operations such as convertible bonds are far below the level of harm caused by a series of thunderstorms back then. Furthermore, it once again disclosed the cost of holding chips. NEAR's position opening cost is about 1.4 US dollars, HYPE is about 45 US dollars, and ZEC is about 560 US dollars. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

79d agoburnking

StarkWare CEO: The essence of the crypto bear market cycle has changed, from a “cold winter of fraud” to a “traditional financial bear”

Comparing news, Eli Ben-Sasson, the former Zcash co-founder and current CEO of StarkWare, wrote a review of the crypto cycle on the X platform, pointing out that compared to the previous round of the “crypto winter” triggered by events such as Terra crash, Three Arrows Capital, and FTX and full of fraud and excessive speculation, the current bear market cycle shows very different characteristics. This round environment is more like “TradFi Bear Hug (TradFi Bear Hug)”. In the context of warming regulations and the acceleration of entry of mainstream financial institutions, crypto The industry was once seen as a new financial infrastructure, but at the same time, it also squeezed the original spirit of “economic freedom and innovation experiments” to a certain extent. Although the crypto industry is currently at a stage where short-term innovation momentum is limited and leadership is lacking, in the long run, freedom and innovation will return and drive the next round of development. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

150d agoburnking

With 100 billion dollars evaporating and faith collapsing, how can crypto believers maintain their foothold in the cold winter?

Author: Vanity Fair “Vanity Fair” Compiled by: Moni Original title: VIP Believers in the Crypto Winter: 100 billion dollars evaporated, why are they still holding on? “I really can't stand it anymore.” In the first few days of February this year, the Signal inbox of a major crypto market maker was filled with dozens of such messages. The crypto market plummeted 15% again — in just a few days, the $400 billion market value went up in smoke. In the previous four months, under the influence of Bitcoin, the total cryptocurrency market capitalization plummeted by nearly 50%, while Ethereum and Solana both declined by nearly 60%. The crash erased about $2 trillion in value and dragged the industry into a bear market. The crypto community called it a “cold winter” — a slightly nerdy metaphor that paid homage to the unsettling line in “Game of Thrones”: “Winter is coming.” (Winter is coming.) The founders of the project panicked: some tried privatization urgently, some hastily initiated emergency equity financing, and others simply abandoned the ship and left the site. Frankly speaking, crypto veterans have experienced an even harsher decline — the market has plummeted 80% or even 90%, but this time, the chill was quite different. While battling with regulators in Washington, Coinbase CEO Brain Armstrong watched his net worth evaporate around $100 million. There is an undercurrent of internal conflict in Ethereum, and co-founder Vitalik Buterin tweeted a series of french fries to express concern about how the platform is being scaled; as an early supporter of Polymarket, he expressed disgust with blockchain predicting the direction of extreme addiction in the market. Ordinary traders are denounced as “tourists” by industry veterans. They either panic and sell off, or switch to more trendy hot spots such as artificial intelligence and prediction markets. Technology without faith and spiritual sustenance is nothing. What we have established is a religious movement “They are all cowards.” Meltem Demirors, an early crypto investor and current founder of Crucible Capital, said this about peers who fled in fear. She wears a diamond cross layered on her body, a black sports suit, and the company slogan “Keep the Faith” on her hips. In the midst of this crypto winter, she's starting to buy Bitcoin again. On the afternoon of February one afternoon, as the market continued to decline, a small group of true believers gathered at an art landmark in Lower East Manhattan — a bank once known as the “Temple of Capitalism,” which has now spent $300 million to transform it into the Nine Orchard Hotel, and Michael Novogratz, CEO of Galaxy Digital, became its new co-owner. After the book wealth collectively shrunk by several billion dollars, Michael Novogratz, Meltem Demirors, and key crypto leaders such as Olaf Carlson-Wee, “Sister Wood” Cathie Wood, and Danny Ryan gathered to exchange experiences — they were not talking about what they sold, but what they were buying. Cathie Wood holds a wealth of exclusive research data, Olaf Carlson-Wee insists that she never follows the news, and both are continuing to increase their Bitcoin positions. Danny Ryan doesn't care about everyday fluctuations: “I'm a Luddite (Luddite),” he claims, “I need to know what I need to know, and of course people will tell me.” “Technology without faith,” Meltem Demirors emphasized again, “Technology without a spiritual core is worth nothing.” Unlike disciples who doubt the resurrection of Jesus, the faithful followers of cryptography have never wavered. “Seriously, what we created was a religious movement.” Gold, commodities, real estate, bonds, equities — all asset classes answer the same question: where does value come from? In fact, they are the product of social consensus, and they have meaning only because of collective approval. Gold: value comes from nature and scarcity; bonds: from institutional trust; real estate: from land and permanence; commodities: from matter itself; stocks: from human creativity. Every asset requires a creation myth, from scarcity to capitalism itself. And in the eyes of those who believe that cryptocurrencies are the “sixth asset class,” the value of cryptocurrencies goes far beyond the financial level. “Since 1971, the dollar was decoupled from gold...

157d agoburnking#CZ #OpenSea #Vitalik #Nakamoto Satoshi #originators #invests #Trump #currency

Crossing the pullback fog: Is the market building the bottom of the 2028 level

Author: Chain Research Institute Original title: Will it be BTC's 2028 diamond bottom now? Will it now be BTC's 2028 diamond bottom? 2026 is undoubtedly the worst start year for Bitcoin in nearly a decade. From the bad start on January 1st until now, BTC has dropped from $109K to $65K, a year-on-year decline of 24%. ETH was worse, down 34%. This is BTC's worst opening year performance since 2016. But this time was different. There was no reason for this collapse. 1. The unexplained decline is the deepest fear that it fell 73% in 2018, because the ICO bubble burst and the global aircoin returned to zero. The 77% decline in 2022 was due to the collapse of Luna+Three Arrows Capital+FTX running away. Every time it crashes, you know why. Every time, you know where the enemy is and how long it will take to rebuild trust, but what about 2026? • No exchange thunderstorm • No algorithmic stablecoin crashes • No hacker attacks • No country bans BTC and it just falls. Fortune magazine said: “It was the worst start year in history, but there was no clear catalyst for the collapse. There is a justifiable collapse, and the market will rebound in retaliation after the gap runs out; but the unexplained decline is like a form of chronic blood loss. When everyone is asking why it is falling but there is no answer, the panic grows exponentially. 2. Has the bottom-breaking index come to an end? The current quantitative indicators of the market show that the market has entered a vacuum of some kind of irrational decline. According to the latest data from February 25, our bottom-down model's current signal is only 1/5, and it's still too early to reach the real bottom (data source fuckBTC) ❌ MVRV < 1.0 ❌ price ≤ 200 week EMA ❌ price <P25 ✅ fear greed ≤ 25 (extreme fear 11) ❌ close to shutdown price (close to half of the machine shut down). Extreme fear of this level only appeared historically at the end of 2018 at $3,000 and the time of the FTX crisis at $16,000. Although the price is still at $65,000, the market's psychological defenses have retreated to doomsday mode. 3. Positive signals under the ice: Who is leaving the field? Who's on the duvet? Although the body feels extremely cold, there are some positive signs: 1. USDT 60-day net outflow of $3B. The last contraction of a similar scale was when FTX crashed at the end of 2022, when BTC was at $16K. BTC is now $64K, which is 4 times higher than it was then. The two have similar levels of capital withdrawal, which shows that leverage and floating capital in the market have been cleaned up very cleanly. 2. Short-term whales did not realize a loss of $26B. Most of these people opened positions at $90K-$120K and are now 40% covered. The selling pressure, which continues to fall sharply, should not be that great. According to historical experience, when large funds are taken to this depth, active pressure will be exhausted — because cutting meat has lost its logical meaning. ➤ My opinion is that I don't predict the bottom here (probably not), but I know: • Extreme Fear (11) has already appeared • Historically, unexplained falls tend to fall deeper, but the rebound is also more intense • At $65K, the margin of safety is already relatively high, and the person who said $3K was the bottom in 2018 was right. Whoever said $16K was the bottom in 2022 was right. Saying $64K is the bottom in 2026—maybe true or wrong. I don't know. But what I do know is: the fear will always pass, and when trust is rebuilt, the price will return. If you're still in a short position, at least you've avoided the sharpest retracement range, which often bottoms out before the price according to historical sentiment. History repeats itself: After Mt. Gox was stolen in 2015, people also thought that trust could not be restored; but looking back on the past, every darkest moment with no reason ended up being a diamond bottom leading to the next cycle. $64,000 in 2026 is probably the number you regret not adding positions when you look back in 2028. Twitter: https://twitter.com/BitpushNewsCN比推 TG Community: https://t.me/BitPushCommunity比推 TG Subscriptions:... https://t.me/bitpush

176d agoLuxurytracy

Zhu Su: Cryptocurrency may significantly outperform the Big Seven in the next few years

Comparing news, Zhu Su, co-founder of Three Arrows Capital, wrote that cryptocurrencies may significantly outperform the US Big Seven (Mag7) in the next few years.

189d ago

Another bear market, “giant” BlockFills suspends withdrawals

On the day Celsius shut down, a “temporary liquidity adjustment” was also used. Four years later, BlockFills turned the same dictionary to the same page. This “luxury” lending platform, which claims to serve more than 2,000 institutional clients and handle more than 61.1 billion US dollars in transactions in 2025, has initiated an internal breakdown. The official statement is worded in restraint: it is not a breach of contract, it is not a bankruptcy, and it is a “temporary measure taken to protect the interests of customers and companies.” Customers can still open and close positions, but they can't withdraw money. What a familiar taste... The memories of 2022 aren't far off. BlockFills' move has once again sparked collective anxiety in the cryptocurrency community: are we going to witness a repeat of the 2022 Celsius and Genesis tragedies? The big-backed BlockFills company was founded in Chicago in 2018. It is not a grassroots project; it is not an exchange registered on a remote island; it is Chicago — the Jerusalem of the derivatives market, the seat of CME. Its core team comes from traditional financial market-making and trading back-office, and there are two names on the early investor list: CME Ventures and Susquehanna International Group (SIG). What level of player is Susquehanna? Wall Street's top market maker accounts for more than 30% of the nation's annual options trading volume. On the NASDAQ and NYSE, a large number of stock, options, and ETF trading offers are all driven by SIG's algorithm. It was also an early investor in TikTok's parent company ByteDance. In 2021, BlockFills completed the $6 million seed round; on the eve of the FTX crash in 2022, it bucked the trend and completed the $37 million A round. Susquehanna Capital was still the lead investor. CME Ventures, Simplex, C6 Ventures, and even Nexo were on the follow-up list. As a result, BlockFills is a “regular army” pawn on the crypto lending circuit. Its customers are not retail investors who rushed in 2021, but miners, hedge funds, family offices, market makers, payment processors — more than 2,000 institutions distributed in 95 countries. Last year, payment processor C14 alone processed hundreds of millions of dollars in deposit business through it. The “active collapse” of such a company is more worrying than the thunderstorm of any retail lending platform in 2022. Who is BlockFills' largest customer base? Most likely a miner. According to the company's official disclosure, as of 2025, BlockFills has provided approximately US$150 million in financing and asset management solutions for miners around the world. As for exactly which mining companies received this amount of money, BlockFills did not disclose. As a platform for service agency customers, disclosing customer lists not only violates business practices, but also touches the red line of privacy. We can only find some clues from scattered public information: it collaborated with the payment processor C14 and integrated Fireblocks and Zodia Custody, but those were ecosystem partners, not borrowers. Borrowers are silent, but their balance sheets don't lie. Bitcoin dropped from 120,000 to over 60,000 in less than four months. At the beginning of February, a “shutdown” warning began circulating in the mining community. The profit and loss line for the Ant S19 series models is around 70,000 US dollars, and the currency price has been lying below this figure for two weeks. When the industry benchmark MARA is monitored to transfer more than 1,300 BTC to the exchange — when the industry benchmarks all choose to claim claims at the $60,000 mark, how many people in BlockFills' miner customer base will have actually defaulted? Is it a “protection mechanism” or a “sign of bankruptcy”? Fintech consultant Dr. Anya Sharma notes that this suspension is essentially an extension of the “fusing mechanism” in traditional finance. In the digital asset sector, blockchain settlement delays and price collapse may cause collateral valuations to fail. Suspension of service allows the system to be recalibrated to prevent a complete collapse due to a mismatch between assets and liabilities. Furthermore, compared to retail platforms in the wave of bankruptcies in 2022, BlockFills has two significant “moats”: Top “giant” backgrounds: CME (CME) and Susquehanna (SIG) stand behind BlockFills. These traditional financial giants not only provide credit endorsements, but are more likely to provide liquidity support at critical times (...

191d agoWendy#blockfills #CME #Susquehanna #Borrowing #BEARISH

Analysis: The BTC and ETH spot minute charts fluctuated abnormally yesterday, or a market maker robot sold out

Comparing news, Evgeny Gaevoy, founder of crypto market maker Wintermute, analyzed abnormal fluctuations in the 1-minute Bitcoin and ETH spot charts in the early morning of February 8. It indicates that it is likely that a market maker robot liquidated its position, and the loss amount may be as high as tens of millions of dollars. The abnormal fluctuation was caused by the robot's loss, not the market maker's malicious act, and Wintermute apparently did not participate in it. Evgeny Gaevoy added that he is skeptical about rumors of large institutions bursting out of positions in the market, and even if it were true, it would not have a medium- to long-term impact. Compared to the previous collapse of Three Arrows Capital and FTX, news of the liquidation spread quickly at the time, and there were clear signs that the liquidation was true, such as agencies seeking rescue. However, most of the current market rumors come from unnamed accounts and have not been confirmed by reliable sources. The leverage in this cycle mainly comes from perpetual contracts. Trading platforms no longer use user assets to risk investing in low-liquidity assets or issue special credit as in the past. Credit crunch has led to institutional credit being less than 2 billion US dollars, and the impact is limited, making it difficult to trigger a chain liquidation like in 2022. In the early morning of February 8, there were abnormal fluctuations in the 1-minute Bitcoin and ETH spot charts, which continued to fluctuate by more than 1% or even 3% in a single minute from 00:05 to 00:17.

194d ago