Although the crypto money industry has officially entered the bear market, it is known that there are many events that trigger it. The collapse of the Terra ecosystem, Celsius's similar situation, and now Three Arrows Capital's situation have plunged the industry into a rapid bear cycle. The situation of 3AC, one of the largest funds in the crypto money industry, continues to worsen day by day.
The fund that made the most important investments in the industry may have lost all its money and the money of other small funds that rely on it. FatMan, who found and shared shocking information about Terra and mostly confirmed, shared about 3AC this time.
"A verified source has confirmed that 3AC borrowed money from multiple funds and counterparties and put it into Anchor to generate yield without telling them. Their UST position was confirmed to be at least nine figures before the Terra depegging event."
According to information provided by FatmanTerra, 3AC borrowed money from many different funds and deposited it in Anchor. It is reported that 3AC, which wants to benefit from the 20% stablecoin interest offered by Anchor, does this secretly without consulting other funds. It is reported that the UST positions were 9 digits before the Terra event.
In the following post, FatMan stated that it was confirmed that 3AC made similar offers to many funds. In some of these, it is stated that the Anchor event is mentioned, while in others it is not. It is reported that 3AC is also investing in the stablecoin USDD on the Tron network and has spoiled its entire position due to a minor issue this week. If 3AC is really experiencing this situation, serious decreases can be seen in the prices of the projects it invests in in the coming days. The biggest place in 3AC's portfolio belongs to the Avalanche (AVAX) project. The CEO of 3AC had criticized Ethereum in late 2021, bought a large amount of AVAX and praised it.