Bankrupt Hedge Fund 3AC Withdraws $45 M from Curve and Convex

by in Cryptocurrency News

Three Arrows Capital Crypto

Cryptocurrency hedge fund Three Arrows Capital withdrew $45 M from deposits it staked on DeFi platforms Curve, and Convex earlier.

Related: Three Arrows Capital Files for Bankruptcy, CEO Sells a Mansion

According to the blockchain analytics platform Nansen, a wallet that belongs to the company removed around 20,945 staked Eth worth around $33.3 M from Curve. Also, the company removed about 2,421 wrapped ether worth $4 M, 202.7 wrapped bitcoin $4 M and 4 M USDT from Convex Finance.

Data reveals that 3AC hasn't made large transactions since filing for bankruptcy in June before Tuesday’s withdrawals.

A possible reason for the withdrawals may be the upcoming Ethereum update as after it Staked Ether (stETH) holders won't be able to redeem their assets for Eth at least for six months.