Source Claims 3AC's Deribit Exposure is Worth Much Less than Reported

Jul 20,2022
KingData News: According to the affidavit, the Deribit shares are believed to be worth $500 million, or half of 3AC’s remaining assets. However, a source with knowledge of the matter told Cointelegraph that the value of 3AC’s Deribit shares is closer to $25 million rather than $500 million, suggesting that creditors will be left holding the bag on their loans to the failed hedge fund. According to the source, who chose to remain anonymous, the discrepancy between the two amounts is due to the type of exposure 3AC has to Deribit. They claim that 3AC does not directly own shares in Deribit but instead owns shares in a Singapore Special Purpose Vehicle (SPV) called 3AC QCP Deribit SPV. The source further explained that the SPV owns over 23% of Deribit, making it the largest external shareholder.
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3AC Liquidity Crisis Update

On June 13, Zhu Su, co-founder of Three Arrows Capital, has removed ETH, AVAX, LUNA, SOL, NEAR, MINA and other Tokens from his Twitter profile. On June 15, sources revealed that the total liquidation amount of Three Arrows Capital on Deribit, BlockFi and other lending platforms was up to $400 million. This indicator provides a real-time tracking of news reports on Three Arrows Capital's liquidity crisis.
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