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3AC founder is likely to escape from creditors after announcing missing or bankruptcy
The co-founder of the bankruptcy crypto hedge fund Three Arrows Capital is missing, according to a court submission from Friday.
Zhu Su and Kyle Davies, founders of Three Arrows Capital in 2012, were scheduled to attend a 9 am hearing on Tuesday to discuss the next steps in the clearing process. Their prominent absence made stakeholders believe they were fleeing their creditors.
The document, filed on Friday night, also claims that the founders have not begun to cooperate in the clearing process “in a meaningful way.”
At that height, Three Arrows, also known as 3AC, managed about $ 10 billion in assets.
According to CNBC, on July 1, the company filed for Chapter 15 Bankruptcy Protection from US creditors in southern New York due to the plunge in cryptocurrencies and the collapse of the terraUSD (UST) Stablecoin project.
Inflation rises to its highest level in 40 years and major cryptos get caught up in crossfire
As inflation continues to rise, Bitcoin and Ethereum prices are falling. Annual inflation in the United States reached 9.1% in June. This is higher than analysts expected. As major cryptocurrencies become more aligned with the economy as a whole, their biggest ones, Bitcoin and Ethereum, have been hit by rising inflation and an increasingly bearish market.
Inflation has been at its highest level for over 40 years, rising 1.3% from the previous month to 9.1% in June.
BTC fell to a low of $ 19,021.07 a week on Wednesday, down 4% a day and almost 6% a week. According to Robin Hood, ETH traded at $ 1,059.12 per shear in mid-Wednesday after falling almost 5% a day and 10% a week.
Bitcoin investors are bearish on the outlook, new surveys find
Bitcoin has been relatively stable at around $ 20,000 in the last few weeks after the cryptocurrency meltdown. However, new research suggests that Bitcoin is likely to reach $ 10,000 rather than $ 30,000.
According to a new MLIV survey, the majority see Bitcoin falling to $ 10,000 and private investors more bearish on cryptocurrencies than experts.
60% of the 950 investors surveyed believe that Bitcoin is falling towards $ 10,000, but only 40% believe it is returning towards $ 30,000.
According to data compiled by CoinGecko, about $ 2 trillion has disappeared from the market value of cryptocurrencies since the end of last year.
Crypto Hiring Firm Inflection Points Secures Millions of Funds
Founded by Colton Sakamoto and longtime crypto entrepreneur and investor Anthony Pumpriano, the new crypto employment company has secured just $ 12.6 million in funding.
According to TechCrunch, the company, called Inflection Points, has built a crypto-focused employment and corporate training business over the past 18 months to connect crypto companies looking for talent with those who want to enter the space. rice field.
Pompliano manages a portfolio worth over $ 500 million and has invested in over 100 early-stage companies, including the cryptocurrency exchange Coinbase and the recently acquired FTX crypto lender BlockFi.
“On the other hand, I’ve built a large content platform. In cryptocurrencies, I’ve always asked the founders of different platforms many times that they need help,” you’re a great talent. If you have, please send them my way, “says Pompliano. “I’m expecting it to some extent, but I’ve learned many times that companies are really struggling to find people, but in the meantime my inbox is full of people who want to get into the industry. did.”
How the United States regulates cryptography