Even more embarrassing than showing off a luxury yacht is showing off a luxury yacht you don’t own. According to a Terra whistleblower who calls himself “FatMan” from a “verified source”, Zhu Su, CEO of hedge fund Three Arrows Capital (3AC), is said to have bought a “superyacht” with borrowed money to to brag about it to investors.
“A verified source has confirmed that Zhu Su owned a $50 million mega yacht, which he showed to friends and potential investors to show off his luxurious wealth,” like FatMan. “This yacht was purchased with borrowed money and 3AC were unable to pay for it beyond the deposit.”
Terra Chaos drags hedge funds down
Three Arrows Capital was among the largest investors in the crypto market. Triggered by the Terra Crash, 3AC is said to have gotten into financial difficulties. The hedge fund had staked large sums in UST and LUNA tokens, the loss is said to be in the billions.
There is already speculation as to whether the hedge fund is about to default. Three Arrows Capital is said to have been unable to cover the purchase of the luxury yacht.
Ethereum founders joking
Vitalik Buterin took this as an opportunity to making fun of Zhu Su on Twitter. “There are far more honorable ways to burn $50 million to impress people than to buy a superyacht,” said the Ethereum founder. Buterin mentioned participation in the Web 3.0 project Gitcoin as one option.
Buterin: “As a social movement, we should try to realize visions like this and not just repeat the unimaginative crap of the 20th century, only with ourselves at the top”. Buterin jokingly added that “all donors to the Gitcoin matching pool deserve big, beautiful statues in the metaverse honoring their contributions.”
Looking to buy Ethereum (ETH)?
This is possible via eToro, among other things. eToro offers investors, from beginners to experts, a comprehensive crypto trading experience on a powerful yet easy-to-use platform.