The bankruptcy filing of 3AC, a crypto hedge fund that failed to meet margin calls, set off a domino effect in the market.
"3AC was supposed to be the adult in the room," said Nik Bhatia, a professor of finance and business economics at the University of Southern California.
Court documents reviewed by CNBC show that lawyers representing 3AC's creditors claim that Zhu and Davies have not yet begun to cooperate with them"in any meaningful manner." The filing also alleges that the liquidation process hasn't started, meaning there's no cash to pay back the company's lenders.The fall of Three Arrows Capital can be traced to the collapse in May of terraUSD , which had been one of the most popular U.S. dollar-pegged stablecoin projects.
The stability of UST relied on a complex set of code, with very little hard cash to back up the arrangement, despite the promise that it would keep its value regardless of the volatility in the broader crypto market. Investors were incentivized — on an accompanying lending platform called Anchor — with 20% annual yield on their UST holdings,
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