Terra, Celsius, 3AC Impacted Markets Worse Than FTX
According to findings from Chainalysis, the decline of Terra, Celsius, and 3AC had a greater negative impact on the markets than did the collapse of FTX.
3AC
Metrics: Crypto Implosions Result From Centralized Entities
A Redditor said that the failure of all unsuccessful crypto businesses was due to the fact that they were all centralized, not because they were crypto.
Ex-DeFi Dev Andre Cronje Calls Strict Regulation Amid Crypto Crash
Ex-DeFi developer Andre Cronje calls regulators to impose stricter regulation amongst actors in the crypto space. Read CNL.
3AC Co-Founders: UST, Luna, and GBTC Trades Caused Fund Disputes
Founders of 3AC confirmed that Terra and GBTC trades destroyed the firm’s crypto fund. Co-founder Su Zhu admitted that 3AC failed to realize that Luna could fall to zero. The firm continued to borrow until their debt piled up to $3.5B, as per court filing. Three Arrow Capital (3AC) co-founders, Kyle Davies and Su Zhu, told Bloomberg that trades containing Grayscale Bitcoin Trust (GBTC), Terra’s luna (LUNA) and terraUSD (UST) tokens has caused to the disputes of the troubled crypto fund of the company. The SIngapore-based crypto hedge fund founders confirmed that the company lost almost $200 million due to
