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3AC Co-Founded Zhu Su Slams FTX in Alameda for Crypto Market Management


3AC Co-Founded Zhu Su slams FTX in Alameda for Crypto market management. Three Arrow Capital co-founder Zhu Su criticized FTX and Alameda Research for manipulation of the crypto market.

On Tuesday, Three Arrows Capital co-founder Zhu Su criticized FTX and Alameda Research for using money from lenders to bail them out. Zhu Su also said that Sam Bankman-Fried and BlockFi accused Three Arrows Capital of “making double promises” and manipulating the crypto market by transferring the bank to FTX through the trading company Alameda Research.

Third-party founder Arrow Capital splits FTX in Alameda

Three Arrow Capital co-founder Zhu Su in a series of tweets on November 29 criticized FTX and Alameda for controlling the crypto market. FTX and Alameda reportedly borrowed money from crypto lenders including BlockFi and Voyager to bail them out. “What is the intent behind getting a “bailout” from a firm that actually net borrows from you, in order to keep accepting client deposits for four more months?”

Zhu Su pointed out that FTX and BlockFi used third-party media to accuse Three Arrows Capital of “double promises” following Three Arrows Capital’s bankruptcy filing in July. He attacked FTX in Alameda again when BlockFi filed for Chapter 11 bankruptcy.

In addition, BlockFi is a payer of FTX that lends money to Alameda. Then, Alameda lends to Emergent, which is the SBF company that bought Robinhood’s stock. In Nov. 9, Emergent pledged Robinhood’s shares as collateral to secure BlockFi’s FTX loan, which was used to bail out BlockFi.

Zhu Su also said that the same type of fraud was also observed in the Voyager market in July. Alameda was unable to repay Voyager’s loan. “They used the same money that the lenders borrowed from their lenders.”

How banks play a role in fraud

Banks are not interested in working with crypto companies, including FTX. Sam Bankman-Fried organized access to regulated banking through Alameda Research.

Customers are advised to send wire transfers from Alameda accounts at Silvergate Capital, Signature Bank, Trust Bank and others. In fact, SBF revealed that customers sent $8 billion to Alameda. This led to a poor record in management and FTX.

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