Article from: NFT Now
This is particularly true in the case of financial entities in Web3. Since its foundation in 2012, Singapore-based crypto hedge fund Three Arrows Capital (3AC) has amassed a portfolio of digital assets valued at over $10 billion during the peak of 2021’s bull market.
Ladies, liquor and leverage are how smart men go broke.
Known throughout the Web3 community for being remarkably bullish on Bitcoin, Zhu had proceeded to steer 3AC in a direction that would reflect that belief — through financing 3AC’s various investments in the Web3 sphere via some truly aggressive borrowing. While in the short-term, this allowed 3AC to expand its reach far and wide throughout the Web3 space, the success of this strategy was contingent on each of their investments appreciating in value.
Only time will tell what will happen next, and if any of these debts will ever be settled.
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Article from: NFT Now
