The 3AC Story Continues…

GM. It’s Wednesday and you know what that means! It’s hump day! We’re here to help you get over the hump with the latest goings-on in the crypto world.

It feels like the saga with Three Arrows Capital will never end. Is it just that these guys like attention? Or are there legitimate concerns with the way their liquidation is being handled?

Today’s Topics:

• More drama with 3AC

• Magic Eden funding Web3 gaming venture

• A look into Voyager’s fall

• Quick Links

3AC Accuses Liquidators of ‘Baiting’

If you're a fan of soaps, you should take a moment and check out the drama between Three Arrows Capital and its liquidators. Now, co-founder of 3AC Su Zhu has taken to Twitter, revealing communication between his legal team and the firm liquidating the Singapore-based platform.

In his tweet, Zhu accuses the liquidation team of 'baiting' himself and his partner Kyle Davies. Zhu says that "Our good faith to cooperate with Liquidators was met with baiting." Are Zhu's claims legitimate? We honestly don't know.

Of course, there are two sides to every story. According to Russell Crumpler and Christopher Farmer - two members of the liquidation team - 3AC has "not yet begun to cooperate with the proceeding in any meaningful manner." The pair also noted that the whereabouts of Zhu and Davies are unknown. The plot thickens.

We're sure the truth lies somewhere in between the two. We'll gladly follow along and keep you in the loop as more details emerge. For now, to quote the film Pulp Fiction, "My name's Paul and this is between ya'll."

LEEROOOOOOOOOOOYY JENKINS!

We all know that video games can be fun, and maybe slightly frustrating, especially if you’re playing with Leroy Jenkins. But Magic Eden is launching a VC fund called Magic Ventures to support investments in Web3 games. It’s about time, amirite?

If you already love Magic Eden (and who doesn’t?), you may want to look into this, because they’re also opening their very own internal gaming division called Eden Games. They’re hiring gaming leadership and forming partnerships with gaming experts and developers. It would seem like they’re all in.

Their ultimate goal is to bring gaming to NFTs and support developers on Web3, which would be totally rad. They believe it’s the next big vertical to come to NFTs, and while they’re not disclosing how big the fund is going to be, they do indicate that their goal is not high return. Instead, they’re going for high success for partners.

The Bank is Broken…Literally

I think we all knew this day was coming, didn’t we? Pride cometh before the fall, and unfortunately, Voyager thought they had it made…until they didn’t. In their heyday, they enjoyed something like 3.5 million users, held $5.9 billion in assets, and boasted individual investors while being listed on stock markets throughout the world.

Voyager’s leadership seemed not to understand that a bear market is, like, a thing. It came, it saw, it conquered. Ouch. They filed for Chapter 11 bankruptcy but Voyager claims that they’re the victim here. Sorry, what?

Voyager rode that bull market bubble until it popped, and then they didn’t adjust accordingly. Maybe they thought they were invincible, maybe they thought the market would turn around faster than it did. Whatever the reason, they thought wrong. And now everyone else is paying for it.

Quick Headlines

Get a job - Major Korean fintech firm Dunamu plans to invest $380 million into the Web3 market, creating 10,000 jobs in the process.

Spongy, yellow, delicious bastards - These crypto-themed Twinkies are sure to get you salivating.

We’re halfway there - The halfway point to the next Bitcoin halving is here. Do you know what to expect or are you living on a prayer?

What’s the difference? - Should you invest or trade? Usethebitcoin.com breaks down which makes more sense for you.

Heat wave - Texas Bitcoin miners are forced to halt operations as high rising temperatures lead to rolling blackouts throughout the state.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.