What's Hot

    Roskomnadzor Media Watchdog Unblocks Leading Russian Crypto News Outlet

    Temmuz 7, 2022

    Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks

    Temmuz 7, 2022

    Bank of America’s Active Crypto Users Drop More Than 50% in Bear Market

    Temmuz 7, 2022

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    Facebook Twitter Instagram
    Subscribe
    Cryptossor Cryptossor
    Twitter
    • Home
    • News
      1. Global
      2. Bitcoin
      3. DeFi
      4. Cryptocurrency
      5. Economy
      6. View All

      Roskomnadzor Media Watchdog Unblocks Leading Russian Crypto News Outlet

      Temmuz 7, 2022

      Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks

      Temmuz 7, 2022

      Bank of America’s Active Crypto Users Drop More Than 50% in Bear Market

      Temmuz 7, 2022

      Elon Musk’s Boring Company to Accept Dogecoin Payments for Rides on Las Vegas Transit System Loop

      Temmuz 7, 2022

      Bitcoin price is going up because more people trust it, Ledger CEO says

      Ocak 12, 2022

      4 Giant Names: These Levels Are Coming For Bitcoin Price!

      Ocak 12, 2022

      Cryptocurrency Analyst Justin Bennett Says Bitcoin (BTC) Will Rise Soon

      Ocak 12, 2022

      Bitcoin’s growing correlation with stocks raises risk of contagion across markets, says IMF

      Ocak 12, 2022

      Arab Bank Switzerland Presents 10 DeFi Tokens to Customers

      Ocak 7, 2022

      Celsius Network Confirms They Lost Money In BadgerDAO DeFi Attack

      Aralık 3, 2021

      SEC Chairman Gary Gensler Speaks About DeFi

      Aralık 1, 2021

      Decentralized Trading Platforms Reach Nearly $100 Billion Volume In November

      Kasım 29, 2021

      Investor Kevin O’Leary Compares Cryptocurrency Market With Google, Microsoft and Amazon

      Ocak 13, 2022

      Coinbase Announces Acquisition of FairX

      Ocak 12, 2022

      Ethereum (ETH) Will Continue to Lose Market Share Against Solana (SOL), According to Bank of America

      Ocak 12, 2022

      FinCEN and FDIC to Organize an Event for Digital Identity Security

      Ocak 12, 2022

      What is the Latest Situation in Gold and Dollar Prices? January 13, 2022

      Ocak 13, 2022

      What is the Latest Situation in Gold and Dollar Prices? January 12, 2022

      Ocak 12, 2022

      What is the Latest Situation in Gold and Dollar Prices? January 11, 2022

      Ocak 11, 2022

      What About Gold and Dollar Prices on the First Trading Day of the Week? January 10, 2022

      Ocak 10, 2022

      Roskomnadzor Media Watchdog Unblocks Leading Russian Crypto News Outlet

      Temmuz 7, 2022

      Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks

      Temmuz 7, 2022

      Bank of America’s Active Crypto Users Drop More Than 50% in Bear Market

      Temmuz 7, 2022

      Elon Musk’s Boring Company to Accept Dogecoin Payments for Rides on Las Vegas Transit System Loop

      Temmuz 7, 2022
    • COIN LIST
    • Contact
    Cryptossor Cryptossor
    Home»Altcoin»Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse
    Altcoin

    Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse

    cryptossorBy cryptossorHaziran 22, 2022Yorum yapılmamış3 Mins Read
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email



    Report: Crypto Hedge Fund Three Arrows Capital Pitched a GBTC Arbitrage Trade Before Rumored Collapse

    Last week there was a lot of focus on the crypto hedge fund Three Arrows Capital (3AC) as the firm allegedly had a great deal of leveraged positions liquidated and there’s been speculation about insolvency. According to a recent report, 3AC’s over-the-counter (OTC) operation TPS Capital pitched a GBTC arbitrage opportunity before the company reportedly failed to meet margin calls.

    3AC Co-Founder Says ‘Terra-Luna Situation Caught Us Very Much off Guard’ — FTX CEO Sam Bankman-Fried Insists Problems Like 3AC Couldn’t Have Happened With an Onchain Protocol

    Before June 14, which was the last day Su Zhu tweeted, the co-founder of Three Arrows Capital Ltd. (3AC) was very active on Twitter. Since then, Zhu and 3AC co-founder Kyle Davies are not active on social media at all, but the silence has not stopped people from investigating the company. This is because various reports indicate that 3AC positions were liquidated and some reports speculate that the Terra LUNA and UST fallout crippled the company with “massive losses.” The same account indicates that it’s possible that it caused 3AC “to use more leverage to earn it back. Also known as ‘Revenge trading,’” the report added.

    On June 17, it was reported by Reuters and the Wall Street Journal (WSJ) that 3AC was “exploring options, including the sale of assets and a bailout by another firm.” Davies spoke with the WSJ and he told the press that the “Terra-Luna situation caught us very much off guard.” Additionally, Michael Moro, the CEO of Genesis Trading, explained on Twitter that the firm “mitigated our losses” against a large counterparty that did not meet a margin call. He also added that no Genesis Trading client funds were impacted.

    Then ​​the FTX CEO Sam Bankman-Fried spoke about 3AC on June 19, and he stressed that issues like 3AC’s financial meltdown “couldn’t have happened with an on-chain protocol that was transparent.” Bankman-Fried’s statement stemmed from a question that asked how the crypto industry can ensure that a 3AC moment does not happen again.

    Report Says 3AC’s OTC Desk TPS Capital Pitched a GBTC-Linked Trade Before the Alleged Collapse

    Additionally, The Block reporter Frank Chaparro published a report that said “days before Three Arrows Capital blew up it was pitching investors on a new arbitrage trade.” Chaparro detailed that The Block reviewed investment documents that were allegedly pitched to investors by TPS Capital and the arbitrage opportunity involved GBTC, the Grayscale exchange-traded product tied to bitcoin (BTC). “They pitched to so many people,” an individual familiar with the matter told Chaparro.

    “Three Arrows’ pitch was to structure a trade for counterparties that would offer the upside of the discount collapsing as the deadline neared for the SEC decision,” Chaparro wrote. “GBTC currently trades at a 33.75% discount to the price of Bitcoin, which it is meant to track.” Similar to the Celsius situation, the public has not really heard from anyone tied to 3AC. Although, the Celsius Network team did publish a blog post that noted the “process will take time.”

    What do you think about the 3AC situation and the firm’s alleged GBTC arbitrage opportunity? Let us know what you think about this subject in the comments section below.





    Source link

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email
    Previous ArticleTether Launches Stablecoin Pegged to the British Pound Sterling
    Next Article Following BTC’s Price Drop, Bitcoin Miners Benefit From a 2.35% Difficulty Reduction
    cryptossor
    • Website
    • Twitter

    The most realistic News Of The Crypto [email protected] https://twitter.com/cryptossorcom

    Related Posts

    Roskomnadzor Media Watchdog Unblocks Leading Russian Crypto News Outlet

    Temmuz 7, 2022

    Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks

    Temmuz 7, 2022

    Bank of America’s Active Crypto Users Drop More Than 50% in Bear Market

    Temmuz 7, 2022

    Elon Musk’s Boring Company to Accept Dogecoin Payments for Rides on Las Vegas Transit System Loop

    Temmuz 7, 2022

    Demand for Hardware Crypto Wallets Increases Amid Currency Restrictions in Russia

    Temmuz 6, 2022

    Cumberland Says Financially Burdened Crypto Firms Are ‘Hanging Over the Market Like a Cloud’

    Temmuz 6, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Demo
    Our Picks
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    Don't Miss
    Altcoin

    Roskomnadzor Media Watchdog Unblocks Leading Russian Crypto News Outlet

    By cryptossorTemmuz 7, 2022

    Russia’s mass media regulator, Roskomnadzor, has restored access to a major Russian crypto news portal.…

    Bank of England: Crypto Needs Enhanced Regulatory and Law Enforcement Frameworks

    Temmuz 7, 2022

    Bank of America’s Active Crypto Users Drop More Than 50% in Bear Market

    Temmuz 7, 2022

    Elon Musk’s Boring Company to Accept Dogecoin Payments for Rides on Las Vegas Transit System Loop

    Temmuz 7, 2022

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    The Most Realistic News of The Crypto Space

    Facebook Twitter Pinterest RSS

    Subscribe to Updates

    Cryptossor

    Our Picks
    Facebook Twitter Pinterest
    • Privacy Policy
    • Contact
    © 2022 Cryptossor.com CSAMEDYA.

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version