Cryptocurrency investment company Three Arrows Capital is rumored to be facing liquidations following an extended period of bearish momentum in cryptocurrency space.
The digital currency market is facing bearish momentum as bitcoin approaches $21k, while ether has dipped towards $1.1k.
Rumors that the largest cryptocurrency fund is facing insolvency have been circulating on Twitter, being shared from multiple accounts.
On-chain data reveals that an account tagged to belong to 3AC by analytics firm Nansen has been gradually paying back AAVE debt against a position of about $264 million. On-chain, Wizard added that if the ether dropped further, the position would be liquidated.
3AC co-founder Zhu Su announced on Twitter that the firm was in the process of communicating with the relevant parties and was committed to sorting the concerns.
We are in the process of communicating with relevant parties and fully committed to working this out— Zhu Su 🔺 (@zhusu) June 15, 2022