According to The Block, $400M of Three ArrowsвЂ™ positions have been liquidated already. Three ArrowsвЂ™ stETH fire sale began in May, right after the collapse of TerraвЂ™s UST stablecoin, according to DeFi analyst DeFiyst. People think Celsius is the biggest stETH dumper but its 3AC and it isnt relatively close, they are dumping on every account and seed round address they have, most looks like its going to payback debts and outstanding borrows they have /9bZnmTXQzj вЂњThey are dumping on every account and seed round address they have, most looks like its going to payback debts and outstanding borrows they have.вЂќ вЂњ People think Celsius is the biggest stETH dumper but its 3AC and it isnвЂ™t relatively close,вЂќ crypto trader MoonOverlord wrote. вЂ“ an hour ago they dumped 30k stETH and reduced all AAVE positionsД«ut hawkeyed observers have noted Celsius was not the largest seller of stETH over the past several days - not by a long shot. вЂ“ Zhu took every coin and # tag out of his bio вЂ“ Kyle and Zhu havent tweeted or liked anything in days Trouble began to swirl earlier in the week, after 3ACвЂ™s Zhu removed all mention of investments in ETH, Avalanche, Terra, Solana, Near Protocol, Mina, DeFi and NFTs from his Twitter bio, as noted by Cointelegraph. This morning they took about ~1m out of our accounts. We trade in one of 3ACвЂ™s trading accounts. This morning they took about out of our accounts,вЂќ adding вЂњI hope you pay us back asap.вЂќ Meanwhile, Danny Yuan of Hong KongвЂ“based cryptocurrency trading firm 8 Blocks Capital wrote in a post: вЂњWe trade in one of 3ACвЂ™s trading accounts. We are in the process of communicating with relevant parties and fully committed to working this outД¬racks began to form after stETH вЂ“ which has historically traded with ETH вЂ“ began to вЂњde-pegвЂќ last week, causing the Celsius Network вЂ“ a вЂњcentralized, one-stop-shop for crypto investors and tradersвЂќ вЂ“ to freeze customer assets so that it could вЂњhonor, over time, its wathdrawal obligations.вЂќ The firm, which has backed Avalanche, Solana, Terra and a $100M NFT fund launched last August, did not immediately respond to a request for comment.В On Twitter, co-founder Su Zhu said that his firm is in touch with counterparties and is committed to resolving the situation. Image: Su Zhu, co-founder and CEO of Three Arrows Capital, speaks at Invest: Asia 2019 (via )Дubai-based Three Arrows Capital (3AC), raised eyebrows on Tuesday when it liquidated at least $40 million of вЂњstakedвЂќ Ether (stETH), making it the largest seller of the token in the past week, according to The Defiant.

The crypto bloodbath that has claimed Terra Luna and Celsius may be about to hit one of the largest hedge funds in the space.

Back quiver