3ac Nukes its Wallet on Etherscan, Sells Remaining ETHs

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Key Takeaways

  • The last time 3ac made a similar move was between October-November 2021.
  • 3ac likely to have moved it to a new wallet.

Leading Hedge Fund 3ac has nuked its wallet on Etherscan overnight, according to our sources. 3ac had also sold all the remaining staked ETH. Amidst increasing speculations, crypto enthusiasts believe 3ac might have sold a decent chunk of it into AAVE-staked ETH and or may have moved to a different wallet. The last time 3ac nuked its wallet on Etherscan was between October and November 2021.

Many view this move as 3ac taking a break after the recent turmoil following the TerraUSD crash. 3ac is expected to have been feeling sour following the crashes in the crypto, and nuking its wallet is a move largely touted as an escape from the present hullabaloo in the crypto market ecosystem.

The answer to why 3ac resorted to moving its wallet remains unanswered. With an empty main wallet, crypto enthusiasts are now busy speculating what 3ac’s next move is likely going to be?

When UST started de-pegging in some pools in early, this year Jump and 3AC announced to have bought a stack. So, the recent LUNA debacle is expected to have caused a huge loss for 3ac.

The Hedge fund giant, which was burnt by the LUNA debacle, is now eyeing new ways to cover up its losses. Zhu Su, the CEO of 3AC, also recently conveyed remorsefulness and apologized for ignoring the frequent warnings from Terra’s ecosystem.

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Saniya Raahath
Saniya Raahath

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