MartyParty Mentions Zhu Su’s Tweet on Barry Silbert and FTX

The music producer and the blockchain architect MartyParty mentioned the tweet of the co-founder, CEO, and CIO of the Singapore-based cryptocurrency hedge fund, Three Arrows Capital, Zhu Su, in which the latter shared the “rough summary of DCG situation”.

Today early morning, MartyParty, tweeted that the 3AC co-founder Zhu Su had shared a brief explanation on how “Barry Silbert conspired with SBF to kill terra money”:

Breaking: 3AC cofounder @zhusu says Barry Silbert @BarrySilbert conspired with @SBF_FTX to kill @terra_money and that DigitalCurrencyGroup are insolvent.

— MartyParty (@martypartymusic) January 3, 2023

Notably, a few minutes before MartyParty’s tweet, Zhu Su updated his Twitter page through a series of tweets, giving a short analysis of what happened when Barry Silbert, the Chief Executive Officer of the Digital Currency Group (DCG) conspired with the fallen crypto exchange FTX.

Notably, Zhu Su claimed that the DCG conspired with FTX to “attack Luna and stETH” and accumulated substantial losses in the summer from the bankruptcy of the crypto firms involved in Grayscale Bitcoin Trust (GBTC) like Three Arrows Capital and Babel Finance.

Interestingly, Zhu Su tweeted that instead of restructuring the losses, the company fabricated a promissory note:

Instead they fabricated a left pocket right pocket callable promissory note that magically filled the hole. This is like a kid losing at poker and saying “I am fine, my dad will pay you, let me keep playing,” but if your dad is actually yourself.

It is noteworthy that Zhu Su has also mentioned the accusation against Silbert by the co-founder of the crypto exchange Gemini, Cameron Winklevoss.

In an open letter to Barry Silbert, Winklevoss accused Silbert of using $1.65 billion in money, claiming that DCG “owes” Genesis:

You took this money – the money of schoolteachers – for fuel greedy share buybacks, illiquid venture investments, and kamikaze Grayscale NAV trades that ballooned the fee-generating AUM of your Trust, all at the expense of creditors and all for your personal gain.

Furthermore, Zhu Su added that Genesis creditors would take the remaining assets of DCG in the coming days. In addition, he stressed how “close Barry and SBF were since the beginning”.

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