Curve and Convex sees a massive sum of $45 million withdrawal from 3AC

Published on:

Last Updated on September 7, 2022 by Bitfinsider

Troubled cryptocurrency hedge fund Three Arrow Capital (3AC) has recovered $45 million in deposits it had previously put on two different decentralized exchanges: Curve and Convex Finance. 3AC withdrew the money from Curve.

According to on-chain activity on an Ethereum address that Nansen has designated as one of 3ACs’, the company took $33.3 million in staked ethereum (stETH) worth 20,945 from Curve Finance at 4:34 am ET on Tuesday. Additionally, on-chain data reveals that the company borrowed money from Convex Finance, a yield optimizer for Curve. It withdrew over $12 million worth of cryptocurrency from Convex, including 4,051,367 USDT stablecoin, 2,421 wrapped ether, and 202.7 wrapped bitcoin.

The assets are currently stored in the same wallet as the Curve transactions. Assets worth a total of $57.86 million are located at this address. According to crypto derivatives company 21 Shares, 3AC has many addresses linked to the company that owns $86.8 million in token and NFT holdings on Ethereum.

This summer’s bankruptcy of 3AC, which left many of its lenders with significant losses, destabilized the cryptocurrency market. The company owed creditors more than $3.5 billion. On July 1, the fund filed for Chapter 15 bankruptcy in New York.

The objective of today’s withdrawals is unknown, despite social media observers’ speculation that the company may be attempting to liquidate its holdings in order to pay creditors.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked.

To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor


Are you new to investing and would like to find out more about investments and cryptocurrency? If you know nothing about a topic and want to become an expert on it, one fool proof way to start is to read good books about the topic.

If you read one book about a topic, you will be able to share knowledge or discuss the topic at an elementary level with almost everyone.

Read three books and you will likely know more than the majority of people and will be able to discuss the topic at an intermediate to expert level.

  1. The Intelligent Investor by Benjamin Graham
  2. Crypto Investing Guide: How to Invest in Bitcoin, DeFi, NFTs and More by Ian Balina
  3. The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them by Antony Lewis

Disclaimer: Above are some affiliate links and we may collect a share of sales or other compensation from the links on this page.

Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

Related