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The bad actors in the cryptocurrency markets, who wreaked havoc in 2022, are now being apprehended one by one. Last year, 3AC caused billions of dollars in market value losses, amplifying the volatility in the markets. Moreover, they faced a wide range of accusations.
Crypto Fraudster Apprehended
SBF is imprisoned, Kwon preceded him behind bars. Now, according to the news from Bloomberg, Zhu Su, the co-founder of 3AC, has been arrested in Singapore. Su was caught in Changi Airport on Friday afternoon, September 29, while attempting to travel outside Singapore.
At the beginning of 2022, Zhu’s “super cycle predictions” were still in everyone’s sight. According to him, the Bitcoin price would experience a much larger rally in 2022, catching those who expected a decline off guard. Because the crypto markets were in a super cycle, which would last longer than previous bull seasons.
3AC, which planned everything according to the super cycle, took significant risks. They tried to compensate for their losses with various speculations. However, they failed. One of the most important crypto hedge funds had collapsed. The company, which accumulated massive debts from various crypto lending institutions, couldn’t pay them off. BlockFi, Genesis, and others were on the verge of bankruptcy during this process. Eventually, they went bankrupt. The downfall of 3AC was the reason for the bankruptcy of Voyager, Celsius, and others as well. While cryptocurrencies inflate in the credit cycle during the last bull, 3AC burst with its collapse.
3AC boldly spent millions of dollars of their clients’ funds, including funds that did not belong to them, to take high-risk positions. The most media-covered partner, who faced numerous charges, has been apprehended today. The only known information for now is that he received a 4-month prison sentence.
