How much did 3AC invest in Luna tokens?

Davies said 3AC invested over $200 million in LUNA tokens as part of a $1 billion raise by the Luna Foundation Guard in February, an amount that is now essentially worthless since the Terra ecosystem imploded in mid-May. “The Terra-Luna situation caught us very much off guard,” Davies told the WSJ.

Why did Zhu & Davies put 3AC on a trade?

Zhu and Davies, long among the most vociferous crypto bulls in an industry known for extremes, put on trades – turbocharged by leverage – that put 3AC at the center of a series of implosions that convulsed the crypto market as prices retreated this year from their highs last fall.

Who are Su Zhu & Kyle Davies?

After five weeks in hiding, the disgraced founders of Three Arrows Capital spoke extensively about the spectacular implosion of their once high-flying hedge fund, saying their bungled crypto speculation unleashed cascading margin calls on loans that should never have been made. Su Zhu and Kyle Davies, both 35, first became friends in high school.

What happened to 3AC?

In mid-June 3AC, as it’s known, fell victim to the death spiral of stablecoin TerraUSD and its sibling governance token Luna that obliterated the fund’s $200 million investment into Luna Foundation Guard made in February .