Three Arrows Capital Withdraws Assets Worth $12M from Convex Finance

The bankrupt hedge fund Three Arrows Capital (3AC) is still struggling to manage its assets.

As it turns out, the firm has been recently obliged to reclaim its staked crypto on a decentralized exchange Convex Finance. 3AC withdrew $12M worth of assets which includes around 2,5K wETH, 200 wBTC, and 4M USDT from the platform. The funds are currently being held on the 3AC wallet.

It was also previously reported that the hedge fund had withdrawn $33M in Staked Ether from Curve Finance. However, later it turned out that the assets had actually been transferred to a Matrixport wallet.

The withdrawal of staked crypto by 3AC might be the firm’s attempt to liquidate its holdings in order to pay off creditors. The hedge fund has already been noticed to move large amounts of assets between wallets after declaring bankruptcy back in July.