{"id":26612,"date":"2024-08-14T06:00:03","date_gmt":"2024-08-14T03:00:03","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26612"},"modified":"2024-08-14T00:37:43","modified_gmt":"2024-08-13T21:37:43","slug":"three-arrows-seeks-1-3b-over-terrausd-collapse","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/three-arrows-seeks-1-3b-over-terrausd-collapse\/","title":{"rendered":"Three Arrows Seeks $1.3B Over TerraUSD Collapse"},"content":{"rendered":"<p>Bloomberg reported on Monday about Three Arrows Capital&#8217;s (3AC) liquidators suing Terraform Labs for $1.3 billion for damages the fund sustained during the 2022 crash. The liquidators requested $1.3 billion from <strong>Three Arrows Capital<\/strong> founders Su Zhu and Kyle Davies in June 2023.<\/p>\n<p>The story began in May 2022 when the Terra network observed a $40 billion collapse in its algorithmic stablecoin terraUSD (UST) and companion token, LUNA, despite guarantees from co-founder Do Kwon. <strong>Three Arrows Capital<\/strong> declared bankruptcy by July, claiming irreversible damages resulting from Terra&#8217;s fall from grace.<\/p>\n<p>According to court documents based on Bloomberg, this case claims TerraForm manipulated the market for <strong>Three Arrows Capital<\/strong> to buy Luna and TerraUSD, therefore artificially inflating the price of the assets before they were wiped off.<\/p>\n<p>In January 2024, Terraform filed for bankruptcy in Delaware, United States. On civil fraud allegations presented before the U.S. Securities and Exchange Commission (SEC) in April 2024, a Manhattan jury found Do Kwon guilty.<\/p>\n<p>Do Kwon stays in Montenegro, where he has been since his March 2023 arrest for trying to use fictitious travel documentation. He is waiting on Montenegro&#8217;s government to decide where he should be extradited. Authorities from both South Korea and the United States have been looking for his extradition.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg reported on Monday about Three Arrows Capital&#8217;s (3AC) liquidators suing Terraform Labs for $1.3 billion for damages the fund sustained during the 2022 crash. The liquidators requested $1.3 billion from Three Arrows Capital founders Su Zhu and Kyle Davies in June 2023. The story began in May 2022 when the Terra network observed a<\/p>\n","protected":false},"author":6,"featured_media":26613,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[7856,1677],"class_list":["post-26612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-three-arrows","tag-three-arrows-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Three Arrows Seeks $1.3B Over TerraUSD Collapse - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/three-arrows-seeks-1-3b-over-terrausd-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three Arrows Seeks $1.3B Over TerraUSD Collapse - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Bloomberg reported on Monday about Three Arrows Capital&#8217;s (3AC) liquidators suing Terraform Labs for $1.3 billion for damages the fund sustained during the 2022 crash. The liquidators requested $1.3 billion from Three Arrows Capital founders Su Zhu and Kyle Davies in June 2023. The story began in May 2022 when the Terra network observed a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/three-arrows-seeks-1-3b-over-terrausd-collapse\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-14T03:00:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-13T21:37:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/08\/three-arrows-capital.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/three-arrows-seeks-1-3b-over-terrausd-collapse\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/three-arrows-seeks-1-3b-over-terrausd-collapse\/\",\"name\":\"Three Arrows Seeks $1.3B Over TerraUSD Collapse - 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