3AC Withdraws 2,000 ETH from Binance, Now Holds 6,595 ETH

The bankrupt crypto hedge fund broker Three Arrows Capital (3AC) has been actively transacting millions of dollars in the last few weeks.

Early today, the on-chain tracker, Lookonchain, reported that 3AC withdrew 2,000 Ethereum (ETH) tokens, equivalent to over $2.38 million, from the largest crypto exchange, Binance. The tracker added that the recipient address now holds 6,595 ETH, worth over $7.85 million.

Three Arrows Capital withdrew 2,000 $ETH ($2.38M) from #Binance just now.

This address holds 6,595 $ETH ($7.85M) now.

Join our telegram group to receive alerts.https://t.co/BslhSwv9ZFhttps://t.co/S6ewknpNu7 pic.twitter.com/Ba9dlVJbFb

— Lookonchain (@lookonchain) December 19, 2022

Notably, the bankrupt lender surprisingly received an in-flow of over $1 million six weeks ago from the Chinese crypto exchange Okex. These unexpected activities make the crypto community wonder about the statement of 3AC about its inability to pay investors due to a lack of funds.

The purpose of these recent activities remains to be determined. However, some crypto enthusiasts speculate that the bankrupt firm was attempting to re-distribute its significant assets among many wallets to complicate the retribution process.

Three Arrows Capital, Celsius Network, and Voyager are among the numerous crypto businesses that suffered greatly from the collapse of the Terraform Labs projects. According to data from Chainalysis, a crypto analytics firm, Three Arrows Capital (3AC) investors and Celsius are battling a whopping $33.0 billion loss.

And according to court documents, 3AC owes $3.5 billion to 27 companies, including Blockchain.com, Voyager Digital, and lender Genesis Global Trading.

In a related development, the committee representing the interests of unsecured creditors in the bankruptcy case of Celsius sought to extend the bid dates to allow for more negotiations with the bidders after receiving multiple proposals for its retail platform and mining business.

Source