3AC wallet shifts over $20M in ETH, stablecoins over past 6 days, fueling rumors of revival attempt

Transactions on the Three Arrows Capital (3AC) wallet have been revitalized as funds began to move again in its main wallet.

Large movements of Ethereum (ETH), USDT, and USDC can be seen in the image above, transacting between Nov. 9 and Nov. 11. A total of over $20 million in the three crypto assets was moved through OKX and CowSwap during the six-day period.

Mike Dudas, founder of 6th Man Ventures and The Block, voiced concerns over the reappearance of the 3AC founders, explaining the likely ploy to raise new funds.

btw, if you’re wondering why su zhu and kyle davies suddenly reappeared on the scene trying to whitewash their fraudulent past, it’s because they’re allegedly trying to raise a new fund

what a world

— Mike Dudas (⛳️,🏆) (@mdudas) November 15, 2022

Founders of the Singapore-based hedge fund — Kyle Davies and Su Zhu — have already had negative press earlier this year regarding their hand in the mass-liquidation of assets across multiple high-profile crypto companies.

At press time, 80% of the assets in the main 3AC wallet are stablecoins — DAI, USDC, and USDT.

Journalist at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.