Even more embarrassing than showing off with a luxury yacht, is showing off with a luxury yacht that does not belong to you. As a Terra whistleblower who calls himself a “FatMan” wants to have heard from a “verified source”, Zhu Su, CEO of the hedge fund Three Arrows Capital (3AC), is said to have borrowed money from a “superyacht” to brag to investors about it.
”A verified source confirmed that Zhu Su owned a mega yacht worth $ 50 million, which he showed to friends and potential investors to demonstrate his luxurious wealth,” FatMan said. “This yacht was bought with borrowed money, and 3AC was not able to pay her beyond the deposit”.
Terra-Chaos drags hedge funds down
Three Arrows Capital was one of the largest investors in the crypto market. Triggered by the Terra crash, however, 3AC is said to have fallen into financial difficulties. The hedge fund had staked large sums in UST and LUNA tokens, the loss is said to be in the billions.
There is already speculation as to whether the hedge fund is facing insolvency. Three Arrows Capital is said to have been unable to cover the purchase of the luxury yacht.
Ethereum Founders Set Up to Joke
Vitalik Buterin took this as an opportunity to amuse himself on Twitter about Zhu Su. ”There are far more honorable ways to burn $50 million to impress people than buying a superyacht,” the Ethereum founder said. As an option, Buterin called participation in the Web 3.0 project Gitcoin.
Buterin: ”As a social movement, we should try to realize visions like this, and not just repeat the unimaginative crap of the 20th century, only with ourselves at the top”. Jokingly, Buterin added that ”all donors to the Gitcoin matching pool deserve big, beautiful statues in the metaverse in honor of their contributions”.
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