Buy $GGsThree Arrows Sells More Staked Ethereum (stETH) As Liquidation Looms
Singapore-based crypto hedge fund Three Arrows Capital is facing liquidation risks as it continues to remove stETH tokens from its holding. Three Arrows Capital on Thursday has again exchanged 5500 stETH for 6.1 million USDT.
In fact, Three Arrows Capital has been targeted by its clients for using customers’ funds to meet margin calls. Moreover, the co-founder has distanced himself from disclosing related information on the current situation.
Three Arrows Capital Continues Liquidating stETH Amid Insolvency Risks
According to Etherscan data, a wallet address marked as Three Arrows Capital has exchanged 5500 stETH for 6,098,466.49 USDT on June 16. The hedge fund is liquidating its assets to repay loans as top firms liquidate positions in the firm. At present, the stETH balance of this address is about 14,118.
Recently, Three Arrows Capital had liquidated stETH worth $33 million for Ethereum (ETH) on June 14 after Lido’s staked Ethereum (stETH) prices plummeted on secondary markets, making several companies liquidate their holdings.
The hedge fund had also been selling ETH since May, reducing its Ethereum holdings massively. Moreover, the company has liquidated its assets in wallets on several DeFi protocols such as Compound and Maker.
Interestingly, Three Arrows Capital’s co-founder Zhu Su has deleted ETH from its Twitter profile introduction. It indicates that the firm may not be looking to Ethereum anymore as the Merge date remains uncertain.
In fact, Three Arrows Capital has been targeted by Danny Yuan, the head of crypto trading firm 8Blocks Capital, for using about $1 million of 8Blocks’ funds to meet its margin call. The hedge fund is rumored to be facing insolvency risks. Somehow lack of details from the firm and assets’ liquidations points to it.
stETH Depeg to Ethereum (ETH) Has Improved
The stETH depeg to ETH has now reduced to 0.94, as per Curve Finance. The Lido Staked Ethereum (stETH) price is now trading at $1,050.55, whereas the Ethereum (ETH) price is $1,118.
With the stabilization of the crypto market, the prices have risen by 10% in the last 24 hours.
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