Three Arrow Ghost Cyber ​​Network as Threats of Legal Action Fly – The Defendant

Kyber Network has become the latest web 3 team to reveal that struggling hedge fund Three Arrows Capital (3AC) was managing a portion of its treasury.

June 23, Kyber Tweets That “a small part” of his treasury was being managed by three arrows. It said the two companies had built a relationship for more than three years, with the drama surrounding the three arrows defending it.

Lost confidence

Kyber is a decentralized liquid aggregator that enables token exchange for third party dApps, wallets and protocols. According to CoinGecko, the project has a market cap of 145.8M, ranking 196th among crypto projects.

Louie Lou, co-founder of Kiber, Says Attempts to contact the Three Arrows were not rewarded.

“Our exposure to them is a small part of our treasury but they have lost all our trust and relationship with them, which was built up over three or four years,” Lu to tweeted. “We are taking legal action.”

On the verge of failure

Dagetoshi, research director at The Block, estimates, using Nansen’s data, that Kyber’s coffers are valued at approximately 7.9M in three arrows, including 2.47M USDC, 2.75M USDT and 1,331 ETH.

US-based crypto broker Voyager Digital, just two days after claiming to pay off the $ 658M loan, clashed with Kiber and Three Arrows, otherwise it would be kept as default.

Lenders are shooting three arrows with an ultimatum to repay a বা 658M loan or default

Three Arrows, which manages 10B of assets, was the second-largest crypto firm on the brink of failure in the recent market downturn. CeFi has suspended picking up customers just weeks after lender Celsius Terra fell.

Three Arrows ’debt repayment struggles are having an impact on many Web 3 firms. Last week, an anonymous project backed by Three Arrows claimed that many of the fund’s portfolio companies trust the firm with a significant portion of their treasury.

Long leveraged everywhere

Danny Yuan, CEO of 8 Block Capital, a trading firm and partner of Three Arrows, said the firm had misappropriated $ 1 million of their funds. She Says The firm was “leveraged everywhere for a long time and called margins.”

Kieber stressed that its treasury could still sustain development for many years, describing the event as a lesson for the team and a wake-up call. “Nothing [has] It has changed in our long-term plan, we are not cutting but expanding the Caiber team, ”it says.

The sum of the tokens

Kyber also mentioned that Three Arrows had previously bought its native KNC token in an over-the-counter deal. However, it insisted that the sum of the tokens purchased was not significant and was transferred much earlier from the 3AC’s receiving wallet, meaning that a potential Three Arrows bankruptcy would not affect the price of KNC.

“We do not believe that 3AC still contains KNCs purchased from the Cyber ​​Treasury … Such KNCs should not be part of the 3AC asset depletion.”

According to CoinGecko, Kyber’s native KNC token has risen 5.9% over the last seven days compared to a 7.7% increase in ether.

https://ift.tt/QkeiD8a

Baca juga

• Upcoming Drops: October 24-30
• Abbott and Costello have immortalized their legacy as NFTs
• Telegram gears up to launch its on-board Web3 marketplace