Three Arrows Capital (3AC) founder Su Zhu accused the Digital Currency Group (DCG) and FTX of having liquidity issues in a thread he posted on Twitter. The Bitcoin community, however, immediately lambasted the inventor for placing blame and refusing to take ownership.
Zhu said in the post that Terra Classic, the successor to LUNA, was destroyed by DCG (LUNC). Zhu claimed that the FTX exchange and the venture capital industry prepared an assault on LUNC in order to profit from it. According to the 3AC founder, DCG "magically filled the vacuum" as opposed to recovering from losses brought on by the bankruptcy of 3AC.
Despite Zhu's attempts to disparage DCG and FTX, the community believes that he should focus on his personal problems.
Here's rough summary of dcg situation
— Zhu Su 🔺 (@zhusu) January 3, 2023
1) they conspired w FTX to attack Luna and steth and made a fair bit doing so
2) they took substantial losses in the summer from our bankruptcy as well as Babel, and other firms involved in gbtc
3) they could've calmly restructured then
Anthony Sassano, an anchor for the Daily Gwei and an Ether bull, also slammed Zhu on Twitter. Sassano employed irony when he asserted that everyone, excluding Zhu and co-founder Kyle Davis, was to blame for the 3AC disaster. He said that they are perfectly innocent persons who were simply forced to be on the wrong side of very profitable trading strategies.
Everyone was behind the collapse of 3ac except for Su Zhu and Kyle Davies - they are totally innocent parties who were simply forced to be on the losing side of highly profitable trading strategies
— sassal.eth 🦇🔊 (@sassal0x) January 3, 2023
Give me a break lmao
The 3AC bankruptcy process is currently experiencing difficulties since its founders may be based in Indonesia and the United Arab Emirates, where it might be difficult to put court orders into effect. The 3AC founders and liquidators agreed on a protocol for contact, but according to liquidators' attorneys, the founders haven't used it recently.
On December 2, the legal team for the liquidators chastised the 3AC founders for engaging in social media activity and speaking to the press while ignoring them. The legal team claimed that the founders frequently shifted between various countries and only communicated briefly with liquidators.
