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r/CryptoCurrency
259
Posted by
Paddy's Dollars
2 months ago
Helpful

The Algorand Foundation has filed a claim against Three Arrows Capital (3AC)

Tweet from a 3AC creditor: https://twitter.com/DrSoldmanGachs/status/1548922056909389824

Context from Algorand:

https://twitter.com/AlgoFoundation/status/1548983080211423233

"Last September, the Algorand Foundation entered a one-off OTC trade with 3AC. We have reason to believe 3AC violated the associated lockup terms and as such are seeking remuneration per the terms of the agreement. The Algorand Foundation never provided 3AC with unsecured loans or a line of credit."

Top comment from r/AlgorandOfficial summing it up

  • Foundation sold algos to 3ac at a discount to the market price. In return the algos were to be locked up, probably for 2 years.

  • Foundation has already received the money.

  • Foundation is claiming 3ac did not hodl the algos and smashed the market with them (probably because they needed funds desperately when they were getting liquidated everywhere, and the algos weren't hard-locked by smart contract) and are claiming damages."

This is possibly one of the reasons why the price of ALGO has been getting obliterated (in addition to the greater macro environment etc.).

226 comments
90% Upvoted
level 1
ModModerator Achievement · 2 mo. ago · Stickied commentLocked

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3 more replies

level 1
· 2 mo. ago
Sidevote
Silver | QC: CC 382, ETH 207, CM 42 | ADA 70 | TraderSubs 111

Lmfao they didn't have them lock the tokens in a smart contract? What is this amateur hour?

174
level 2
· 2 mo. ago
Tin

3AC pulled “ Dude trust me”

52
level 2
· 2 mo. ago
Platinum | QC: CC 114 | BANANO 9

If only they had a coin that could do smart contracts like that

12
level 2
· 2 mo. ago
Platinum | QC: CC 51 | PersonalFinance 44

And with smartcontracts, they could have opened up the lockup opportunity to everyone, not just some jackals.

36
level 2
· 2 mo. ago
Platinum | QC: XMR 762, CC 232, ETH 30 | r/WSB 48

Also, Algo is an entirely public chain, no?

They can’t even really hide the fact they’re selling when everyone at the Algo foundation can see tokens going from the HODL wallet to some exchange

21
level 2
· 2 mo. ago
Silver | QC: CC 281, BTC 101, ETH 100 | CAKE 47 | TraderSubs 97

This is the real story here

20
level 2
· 2 mo. ago
Platinum | QC: CC 446

I don't know they may have actually trusted such a big Crypto hedge fund with that. In higher levels of business there is not much safety as they all think they are Invincible.

3
level 2

It’s crypto, so yes.

2
level 2
· 2 mo. ago
Tin | CC critic

Algo is ran by some clowns. Not surprising

-4
level 2
· 2 mo. ago
Platinum | QC: CC 36

The unfortunate truth of “smart people are dumb sometimes”.

1
level 2

I mean Algo hasn't exactly been competent over it's lifetime.....

1
level 2
· 2 mo. ago
Tin | BTC critic

Yes. All of crypto is fucking amatuer hour.

-3
level 1
· 2 mo. ago
neti neti

Why did the foundation not lock those funds with a smart contract?

That is the entire reason of existence of smart contracts.

They are also guilty.

106
level 2
· 2 mo. ago
Current DCA: BTC

I immediately thought this. Like, how does this happen in crypto? There had be a very good fucking reason for that. Straight up amateur hour shit here.

12
level 2
· 2 mo. ago
Platinum | QC: CC 79 | ADA 7

3ac: we are afraid of smart contract hax, trust me bro i wont sell

5

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