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A verified source has confirmed that 3AC borrowed money from multiple funds and counterparties and put it into Anchor to generate yield without telling them. Their UST position was confirmed to be at least nine figures before the Terra depegging event.
Update: More counterparties have reached out confirming that 3AC offered them various treasury management plans - a few openly included Anchor, but most didn't. 3AC also had exposure to USDD and they were forced to sell their position earlier this week triggering a small depeg.
Ponzi doesn't really do it anymore. We need a new word.
Qonzi
"SIR, YOUR MARGIN CALL IS ON LINE 1" NEW PHONE WHO DIS?
Damn! It wasn’t even a trade that got em… hope they bounce back!
purchasing UST was one of the worst trades in the history of man kind
Care you share your “verified source”. Sir too much of your posts are “trust me bro”. Would be nice to get some sources.
They are a counterparty fund who receive funding requests from 3AC but would like to remain anonymous - and they will
This crash is what our #crypto industry needs.
The last few years have been built on false values.
Let's get back to the core of DLT.
Developing permissionless & decentralized technologies with sustainable business plans.
Interconnectedness, opacity and risk. And mammoth stupidity. What a toxic mix.
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