This week on Crypto Twitter: BlockFi and 3AC Try to Clear the Air, CZ Jumps the Gun

As markets began to flatten out from a free fall, Crypto Twitter spent a little more time discussing the latter rescue operations.

At the beginning of the month, Voyager filed Chapter 11 bankruptcy shortly after revealing in June that it had a $ 661 million exposure to Three Arrows Capital (3AC), a crypto hedge fund that even filed Chapter 15 bankruptcy the first of the month after failing to meet margin calls.

This week, Celsius became the last lender to throw in the towel, and filed for bankruptcy a little more than a month after it had frozen outlets to “stabilize liquidity”.

Zac Prince, CEO of cryptocurrency lender BlockFi, which has been battling rumors of insolvency for over fourteen days, took to Twitter to stress that his company is not in the same boat.

Coinshares Chief Strategy Officer Meltem Demirors joined the thread, saying that BlockFi had shares in Grayscale’s Bitcoin Trust (GBTC), an investment product for institutional investors who want exposure to Bitcoin without the risk of holding it directly. GBTC is currently trading at a 30% discount to BTC.

Prince sa nei.

On Tuesday, 3AC co-founder Su Zhu broke his month-long Twitter silence to post screenshots of a recent email from Advocatus Legal LLP, the firm employed by 3AC, which was sent to legal representatives of the firm’s liquidators. In the letter, 3AC’s lawyers asked the liquidators at Teneo about those mentioned in theirs July 8 submission to the US Bankruptcy Court “threats of physical violence” received by 3AC founders and their families.

Crypto hedge fund Defiance Capital issued a statement denying involvement with 3AC, while confirming that it had been “significantly affected” by the crisis.

The NFT market OpenSea also announced that it had problems.

Elsewhere, YouTube personal finance guru Nate O’Brien tried to spread RD&D on Coinbase. DeFi developer LukeYoungBlood.eth quickly sent out a nice counter-argument.

“Spread of panic”

On Monday, a phishing scam that offered a fake airdrop managed to rob Uniswap users of over 7500 Eththen worth around $ 8 million.

Binance chief Changpeng “CZ” Zhao publicly tweeted about the incident before contacting Uniswap, claiming that the DEX protocol was exploited. CZ was wrong, and later, after clarifications from the Uniswap team, he got confirmed that it was in fact a phishing scam.

The U-turn led to fierce criticism.

Blockchain scout FatManTerra was among CZ’s critics.

Elsewhere

Chris Maddern, CEO of Floor NFTs, posted some surprising news about Gamestop’s new Ethereum-based NFT marketplace: 48 hours after launch, Gamestop twice the turnover volume of Coinbase’s NFT marketplace, which has been open since May.

In other NFT news, Hollywood legend Bill Murray bought a Cool Cat.

American actor and comedian TJ Miller thinks you are not doing it right if you do not buy the dip.

Finally, economist and gold trader Peter Schiff said he would accept Bitcoin for his San Juan-based online bank, Euro Pacific, after Puerto Rico’s financial regulators recently shut it down. “insufficient capital level”And lack of compliance that can help launderers.

“My main goal,” Schiff said, “is to protect customers.”

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