Market Analysis

Su Zhu Says 3AC Is “Committed to Working This Out” as Wipeout Rumors Rage

Three Arrows Capital co-founder Su Zhu has posted a vague tweet to say that the firm is “committed to working this out” as rumors of a possible wipeout event have circulated across the crypto community.

Su Zhu and Kyle Davies’ Three Arrows Capital is one of crypto’s most respected hedge funds.

Su Zhu Speaks Out

Three Arrows Capital co-founder Su Zhu has broken his silence after rumors that the firm may be facing liquidity issues have spread across the crypto community.

We are in the process of communicating with relevant parties and fully committed to working this out

— Zhu Su 🔺 (@zhusu) June 15, 2022

The popular trader posted a cryptic tweet early Wednesday hinting that Three Arrows Capital was looking for a solution to an issue it was facing. “We are in the process of communicating with relevant parties and fully committed to working this out,” Zhu wrote, prompting a flurry of supportive messages from the likes of Cobie, Byzantine General, satsdart, and other members of the crypto community.

Rumors of the firm’s possible issues first surfaced on Crypto Twitter early Tuesday and spread over the course of the day. Unconfirmed reports claim that the firm may have missed a margin call and experienced a liquidation event due to the recent meltdown in the crypto market. The rumors came only hours after Celsius halted customer withdrawals as it faced what’s widely believed to be its own liquidity crisis.

Three Arrows Capital is one of the world’s most successful crypto hedge funds. After launching in 2012, it grew into a multi-billion dollar establishment that became known for its prescient trading calls, propelling Zhu and his longtime partner, Kyle Davies, to crypto celebrity status.

Throughout 2021, Three Arrows Capital became notorious for pushing the so-called “supercycle” thesis and endorsing alternative Layer 1 projects like Solana, Avalanche, and Terra ahead of their parabolic rallies. Since then, Terra has crashed to zero and Solana and Avalanche are both down about 86%. Interestingly, Zhu recently removed a number of references to Solana, Avalanche, Terra, Ethereum, and NEAR from his Twitter bio and has also deleted his Instagram account.

Three Arrows Capital has not yet published an official statement in response to the rumors, and neither Zhu nor Davies had responded to Crypto Briefing’s request for comment by press time.

This story is breaking and will be updated as further details emerge. 

Disclosure: At the time of writing, the author of this piece owned ETH, NEAR, and several other cryptocurrencies. 

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