Our weekly roundup of news from East Asia curates the industry’s most important developments.
3AC creditors redeemed through Worldcoin?
Creditors of bankrupt Singaporean hedge fund Three Arrows Capital (3AC), who are owed a combined $3.3 billion in claims, may have finally received some respite this week with the help of Sam Altman.
That’s because Altman’s Worldcoin (WLD) soared by over 200% this week, which observers linked to the launch of OpenAI’s Sora video tool. The rally saw the WLD wallet address held by 3AC liquidator Teneo surpass $700 million,
3AC co-founder Zhu Su was thrilled at the rally. “Got hated on a lot for this Worldcoin investment in 2021,” he said. “I remember the hit pieces on it were so bad most of the seed rd refused to tweet to support it.”
“I won’t be benefiting from WLD outperformance, but I’m glad 3ac creditors have one of the largest positions in WLD in the world.”
However, there is a catch. 3AC’s wallet balance, although not currently part of circulation, is equivalent to around 90% of the token’s current market cap, meaning a significant likelihood of a flash crash if creditors hypothetically tried to cash out.
Similarly, 3AC liquidators received around 134.78 million tokens of Ethereum layer-2 solution Starknet (STRK) previously in December 2022. During its official an airdrop this week, the liquidators’ STRK balance reached a high worth of $943.46 million at its peak when STRK trading opened on Binance. The token has since lost 74% of its value.
In December, a British Virgin Islands court froze $1.14 billion worth of 3AC’s leftover assets, and bankruptcy proceedings are currently ongoing.
3AC co-founders Kyle Davies and Su Zhu.
CCP accuses foreigners of crypto payments for espionage
The Chinese Communist Party (CCP) is taking aim at foreigners allegedly using crypto as a means to facilitate intelligence gathering in mainland China.
According to a report by the Ministry of State…
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