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Cryptocurrency News Articles
3AC Founders Zhu and Davies Launch Their Own Memecoin, Three Arrowz Capitel
Oct 02, 2024 at 01:50 am
Branded under a purposeful misspelling of their failed hedge fund and retweeted from their official social media accounts, the duo now are now promoting a trading-focused Telegram channel to go with the newly-minted ERC-20 token.
Three Arrows Capital (3AC) co-founders Su Zhu and Kyle Davies appear to have launched their own memecoin, dubbed Three Arrowz Capitel.
The duo, whose hedge fund blew up last year, had its dwindling assets frozen by court order, and still owe billions of dollars to creditors, were arrested by Singaporean authorities last year for failing to comply with court instructions.
Now branding themselves under a purposeful misspelling of their failed hedge fund and retweeting from their official social media accounts, the duo are promoting a trading-focused Telegram channel to go with the newly-minted ERC-20 token.
However, up to 84% of its supply was being held by insiders as of yesterday afternoon, to the dismay of their largely retail audience.
3AC founder Kyle Davies not sorry for his actions, intends to avoid prison
Three Arrowz Capitel trading near a nickel, hit all-time low
From its $0.192 all-time high on September 27, the coin has lost over 70% of its value and now trades near a nickel with a classic pump-and-dump price chart on tradingview since inception.
Only 9.3% of the token’s supply is available for liquidity on Unisplit and non-insider traders own a single-digit percentage of the token, which has also lost over one-fifth of its value in the past 24 hours.
The launch of their new memecoin has raised concerns about Zhu and Davies’ focus. Despite the serious nature of their alleged harm to former investors, they have decided to launch a misspelled memecoin and post brain rot to a Telegram channel.
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