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Withdrawal of $33M in Staked Ether Was Not From Three Arrows Capital: Report
The withdrawal was to a Matrixport wallet, not Three Arrows, as previously reported.
A wallet belonging to Matrixport, a crypto exchange based in the British Virgin Islands, has removed $33 million worth of staked ether (stETH) from the Curve pool, according to on-chain data. It was initially believed that the wallet belonged to insolvent hedge fund Three Arrows Capital.
CORRECTION (Sept. 7, 13:30UTC): This article previously reported the withdrawal as going to a Three Arrows Capital wallet.
STORY CONTINUES BELOW
“This wallet was labelled Three Arrows Capital (3AC) due to it receiving large amounts of crypto from another known 3AC wallet. After investigating further, we’ve confirmed it was a 3AC counterparty managing this wallet: Matrixport. We’ve updated the label to reflect this," Nansen told Blockworks.
The wallet also removed 200 bitcoins (BTC), $4 million in tether (USDT) and $4 million worth of wrapped ether (wETH) in liquidity from Convex, a platform that boosts rewards for Curve stakers and liquidity providers.
The wallet, which was previously tagged as belonging to Three Arrows Capital by Nansen, has been inactive for 10 days since it unwrapped $9 million worth of wrapped stETH. Nansen has since confirmed to Blockworks that the wallet was incorrectly tagged and that it belongs to Matrixport.
Three Arrows Capital was one of several firms that have crashed during this year's crypto bear market. It owes its creditors $2.8 billion, according to a court filing published in July by its liquidator Teneo, following a series of highly leveraged trades in relation to the Terra (LUNA) network, which collapsed in May.
New York-based Teneo secured an important court decision in Singapore on Aug. 24 that allows it to probe Three Arrow's local assets there. At the time, Teneo had control of at least $40 million of the firm's assets.
Three Arrows Capital didn't immediately respond to a request for comment.
Read more: From stETH to wETH to Gwei: Understanding the Different Shades of Ethereum
CORRECTION (Sept. 7, 13:30UTC): Changes headline, opening paragraph and reference to Three Arrows Capital throughout in relation to the origin of the wallet.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
