Boss of Three Arrows Capital Breaks Silence Amid Insolvency Rumors

Three Arrows Capital co-founder and CEO Zhu Su broke his silence and addressed suspicions about the crypto investment firm’s operations and solvency. The tweet comes amid widespread speculation among crypto market participants on social media that Three Arrows has been affected by recent crypto market conditions to insolvency. We are in the process of communicating with relevant parties and fully committed to working this out — Zhu Su 🔺 (@zhusu) June 15, 2022 After substantially investing in its native token LUNA during the Terra ecosystem’s collapse last month, the fund suffered significant losses and is now facing further market turmoil after crypto lender Celsius suspended withdrawals on Monday. More information on Three Arrows’ financial situation has yet to come. Rumors of Financial Stress Swirl at Three Arrows On Tuesday, Three Arrows Capital sold at least $40 million worth of Lido’s staked Ether, making it the token’s top seller in the last week. Market observers have been watching stETH, which has historically traded at par with ETH. That began to alter in May, and its more dramatic “de-peg” last week has generated an opportunity for ETH bulls and a headache for the cryptocurrency’s largest holders. Celsius Network, a centralized one-stop-destination for cryptocurrency investors and dealers, has been under pressure to sell its stETH holdings to cover customer withdrawals. The pressure was so great that it froze custom...