Danny Yuan, the CEO of trading firm 8 Blocks Capital, called out to platforms that are holding funds owned by 3AC to freeze the assets, as rumors of 3AC’s insolvency stay afloat.
In a Twitter thread, Yuan explained their company’s involvement with 3AC, noting that they are paying the company to use the trading accounts that they own. The agreement included the ability to withdraw funds at any given time. He explained that:
“We had known them since 2018, thought they were competent and didn’t think they were degen enough to lose billions and not employ basic risk management.”
According to Yuan, there were no problems until June 13, when 8 Blocks Capital requested a big withdrawal because of the market’s conditions. The trading firm’s CEO said