Rough tl;dr of 3AC situation, for tradfi folks interested
— Anthony Lee Zhang (@AnthonyLeeZhang) June 16, 2022
- 3AC is a >$10bil crypto hedge fund
- Borrowed money from a bunch of ppl to lever up a bunch of crypto-assets
- Crypto assets went down
- 3AC probably went bust
- Some ppl who lent to 3AC might also be in trouble