3 Arrows Capital Withdraws $5.27 Million ETH from OKX

IconCryptoNewsTerminal Staff04 Jul, 2024

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3 Arrows Capital Withdraws $5.27 Million ETH from OKX

Three Arrows Capital (3AC), the bankrupt crypto hedge fund, has withdrawn 1593.89 ETH ($5.27 million) from OKX. The transaction took place on August 17, 2023, at 12:13 PM UTC. It is unclear what the purpose of the withdrawal is, but it could be a sign that 3AC is attempting to liquidate its assets. 3AC filed for Chapter 15 bankruptcy in the United States on July 1, 2023. The firm had been facing financial difficulties for several months, and the collapse of TerraUSD (UST) and Luna in May 2023 further exacerbated its problems. 3AC owes creditors billions of dollars, and it is unclear whether they will be able to recover any of their money. The withdrawal from OKX is the latest development in the ongoing saga of 3AC. The firm's collapse has sent shockwaves through the cryptocurrency industry, and it remains to be seen what the long-term consequences will be.

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