Source claims 3AC's Deribit exposure is worth much less than reported
The creditors of Three Arrows Capital may be left holding the bag, according to a source who claims the hedge fund's exposure to Deribit is only worth $25 million. Court documents that describe the insolvency of failed crypto hedge fund Three Arrows Capital, also known as 3AC, may be overestimating the value of the firm’s remaining assets — specifically, its exposure to crypto options exchange Deribit. In a 1,100-page affidavit composed by liquidator Russell Crumpler and filed in a British Virgin Islands court, 3AC was described as “insolvent” and in need of being completely “wound up”....
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Once the most revered hedge fund in crypto, Three Arrows Capital has gone bust. As it turns out, its holdings of Deribit shares may be much smaller than reported. About eight months ago, I vouched pretty strongly for Su Zhu to be included in the prestigious Cointelegraph Top 100. My reasoning was pretty straightforward: Zhu was not only an influential figure on social media, but he ran arguably the most revered hedge fund in crypto — Three Arrows Capital, also known as 3AC. Then, the bear market of 2022 exposed 3AC as a house of cards run by founders who believed their own hype — and made....
Cryptocurrency futures exchange Deribit has partnered with CryptoTaxCalculator in a bid to simplify tax reporting for traders. The CTC tool is easy to use and can directly import transaction data from Deribit and automatically generate your tax reports. With tax season upon us, the deadline being May 17 for US citizens, CryptoTaxCalculator has an enticing […]
The world’s largest bitcoin options exchange, Deribit, was hacked for close to $28 million, according to an update from the company’s official Twitter account on Nov. 2. Deribit says that the firm’s hot wallet was drained just before midnight the day prior. Crypto Derivatives Exchange Deribit Loses $28 Million — Company Says Customer Funds Are Safe and Business ‘Remains in a Financially Sound Position’ In terms of open interest and volume tied to bitcoin (BTC) and ethereum (ETH) options, Deribit has been the leading crypto options exchange for....
Crypto exchange Deribit halted withdrawals following a hot wallet hack where hackers got away with $28 million in stolen funds. Major cryptocurrency derivatives exchange Deribit has halted withdrawals after suffering a $28 million hot wallet hack.Deribit exchange got its hot wallet compromised before midnight UTC on Nov. 1, the firm reported on Twitter.The exchange emphasized that client funds are safe as losses are covered by Deribit’s reserves, stating:“Client assets, Fireblocks or any of the cold storage addresses are not affected. It's company procedure to keep 99% of our user funds....
The crypto exchange, which is backed by Peter Thiel and Coinbase, halted withdrawals in July following an apparent run on its assets. Singapore crypto exchange Vauld Group is seeking a moratorium against its creditors — a move that would give the troubled lender more time to restructure its business after collapsing asset prices impacted its operations earlier this month.Vauld filed an application in Singapore on July 8 seeking a moratorium order, The Wall Street Journal reported Wednesday. If granted, the moratorium would provide the distressed lender more time to seek out a proper....