About eight months ago, I quite convincingly vouched for Su Zhu to be included in the prestigious Cryptooshala Top 100. My reasoning was pretty simple: Zhu was not only a social media influencer, but also ran what is arguably the most respected hedge fund. in cryptocurrency. – Three Arrows Capital, also known as 3AC. Then the 2022 bear market showed that 3AC is a house of cards run by founders who believed in their own advertising and made reckless business decisions along the way.

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As the 3AC saga is still unfolding, this week we received confidential information about the company’s remaining assets. Reveals are not good if you are a 3AC lender who wants to get healthy again.

Source claims Deribit’s 3AC risk is worth a lot less than reported

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This week, an anonymous source close to the 3AC debacle reached out to Cryptooshala to reveal startling details about the bankrupt hedge fund’s remaining holdings. Deribit shares owned by 3AC are worth far less than what is shown in court documents filed by liquidator Russell Crumpler, the source said. 3AC’s participation in Deribit, a crypto options platform, was thought to be worth $500 million, or half of the hedge fund’s remaining holdings. But according to our sources, 3AC Deribit’s share price is actually closer to $25 million. Read on to find out how they reached that number and why 3AC may be in more trouble than originally thought.

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3AC Founders Reveal Ties to Terra Founder and Blame Overconfidence for Crash

Life after crypto business: laid-off employees reflect on the future in the labor market

Gemini, Coinbase, Crypto.com, BlockFi, and now OpenSea, the crypto winter has led to massive layoffs that have taken thousands of jobs from the industry. OpenSea’s shooting was especially noteworthy given that the company has grown to become the world’s largest non-fungible token marketplace with billions of dollars in monthly turnover. Shocked and disgruntled employees recently took to Twitter to express their displeasure. Crypto has a great future, but if you want to work full-time in the industry, prepare for volatility and have a back-up plan just in case.

Amazon.eth ENS Domain Owner Ignores OpenSea $1M Buyout Offer

Speaking of OpenSea, an anonymous wallet address on the platform recently offered $1 million to buy an Amazon.eth domain on the Ethereum Naming Service (ENS). The offer, which was made in United States dollars (USDC), expired on Tuesday after the domain owner did not respond. It is unknown if the owner refused to respond to the offer or simply was not informed that it had been made. Interestingly, the previous Amazon.eth sale took place five months ago at a price of 33 ether (ETH). Similar to changing homes, changing domains on the decentralized internet could be big business in the future.

Breach: Zipmex Suspends Withdrawals as CEO Denies Financial Trouble Rumors

Thai cryptocurrency exchange Zipmex decided to put withdrawals on hold on Wednesday, just hours after Cryptooshala questioned the CEO about rumors that the firm was in financial trouble. Beyond the odd timing, Zipmex said the decision was “due to a combination of circumstances beyond our control, including volatile market conditions and the resulting financial difficulties of our key business partners.” Suspended withdrawals by users is one of the most troubling trends that crypto platforms will face in 2022. This is often a sign of liquidity constraints and poor risk management.

Do not miss! Has the Bitcoin Relief Rally Finally Arrived?

After months of relentless selloffs, Bitcoin (BTC) and the wider crypto market are on the rise again. Has BTC made a real bottom, or is it just a belated bounce in an ongoing downtrend? This week Market Report, I explored this topic in more detail with fellow analysts Jordan Finneset and Benton Yuan. You can watch the full replay below.

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