3AC wallet moves over $20 million in ETH, stablecoins in last 6 days, fueling rumors of relaunch attempt

Trading on the Three Arrows Capital (3AC) wallet has been revitalized as funds have started flowing back into its main wallet.

Significant movements of Ethereum (ETH), USDT, and USDC can be seen in the image above, transacting between November 9 and November 11. A total of over $20 million in the three crypto assets was transferred via OKX and CowSwap over the six-day period.

Mike Dudas, founder of 6th Man Ventures and The Block, expressed concern over the reappearance of 3AC founders, explaining the likely scheme to raise new funds.

btw if you’re wondering why su zhu and kyle davies have suddenly reappeared on the scene trying to whitewash their fraudulent past it’s because they are allegedly trying to raise a new fund

what a world

— Mike Dudas (⛳️,🏆) (@mdudas) November 15, 2022

Singapore-based hedge fund founders — Kyle Davies and Su Zhu – have already had negative press earlier this year regarding their participation in the mass liquidation of assets at several leading crypto companies.

As of press time, 80% of assets in the 3AC core wallet are stablecoins – DAI, USDC, and USDT.

Journalist at CryptoSlate

Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.