As Three Arrows Capital continues to be in deep muck with threats of liquidation brewing over, the firm once again sold more staked Ethereum (stETH).
As per reports, Three Arrows Capital has yet again exchanged 5500 stETH for 6.1 million USDT on Thursday.
As a matter of fact, Three Arrows Capital is getting attacked by its customers for using customers’ funds to meet margin calls. Yesterday, the 8BlocksCapital asked platforms to freeze the funds of the firm as it resorted to ‘ghosting’ its investors on answering the margin calls.
The data from Etherscan revealed that a wallet address under Three Arrows Capital’s name has exchanged 5500 stETH for 6,098,466.49 USDT yesterday. The hedge fund is reportedly liquidating its assets to payback loans.
The decision wouldn’t be surprising as huge crypto companies liquidate positions in the firm. As of now, the stETH balance of this address records about 14,118.
On June 14, 3AC had liquidated stETH worth $33 million for Ethereum following the fall of Lido’s stETH prices on secondary markets. What followed after that, was not a surprise at all! Several companies jumped on the ‘safe bandwagon’ and went on to liquidate their holdings.
However, note that 3AC had been selling ETH since May, as a result its Ethereum holdings have been diminishing immensely. It has already liquidated its assets in wallets on DeFi protocols including Compound and Maker.
There are rumours doing the rounds that the firm may not be looking to Ethereum anymore as the Merge date is yet undecided.
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