3AC has $245M of $ETH deposited on lending platform @AaveAave
From this, they have borrowed $189M in $USDC and $USDT
This puts their Loan-to-Value ratio at ~77%
They must keep this below 85%
At current collateral/loan values, 85% or liquidation of their $245M of ETH occurs when $ETH hits $1034
Their options: 1) Deposit more USDC/USDT to bring down loan 2) Add more $ETH 3) Pump the price of $ETH
I'm sure the sharks are out there trying to dump ETH.
They did not do anything for the last 21 hours, but they are finally starting to do a weird multi step approach:
1) Move ETH to another wallet 2) Dump ETH for stables 3) Move stables back 4) Pay back loan
But only a few million at a time. Which is barely anything.
Concern is they are clearly have liquidity crisis. Otherwise why ride the health factor so close...
Currently at 1.10
But liquidation at 1.00
Obviously their spare change is busy in other loans. They are paying back money very slowly.
1) How spread thin are they? 2) What other liquidations are pending? 3) What about OTC margin calls? 4) Which whales/funds will save them by buying their hard to move assets (deribit)?
Will this be like @CelsiusNetwork ? Where we knew their BTC liquidation target, but they just quickly paid it off?
I guess it depends how much spare change 3AC has lying around.
We got here because of $LUNA/ $UST and @stablekwon ...
Both 3AC and @CelsiusNetwork played with $stETH cause of LUNA. And 3AC held 9 figures of locked LUNA.
LUNA caused their hardship and potential downfalls.
Serious concern over what downfalls 3AC and celsius may cause next..
Current 3AC Liquidation ETH Price: $1016
Seeing wicks down to $1080
Potentially other accounts of theirs in similar situation, but the one linked is by far the largest.
Yeah so no repayment in almost 3 hours now…
8000 ETH liquidated on another lending platform @compoundfinance
disclaimer: I went off @nansen_ai tag for this wallet as being 3ac. but there is a possibility it isn't them but another large player. esp since they have some pulsechain connections to this wallet which seems a little off.
no matter, will deep dive after this liquidation fiasco
Liqs have kicked off for other accounts. This one still holding on.
The wallet has history with pulsechain which seems really off for a 3ac wallet. A couple suggestions that its chinese whale: cai wensheng.
Regardless liquidations like this hurt the space.
Position yourself.
Nansen removed the 3AC tag. Unlikely this is a 3AC wallet, esp given the old tx from years past.
Liquidation of this whale still looming.
Update: 3AC was margin called but ghosted the calls. They did not answer so liquidation in some places. It would appear they do not have funds to pay their debtors.
Thread below explains and asks other exchanges to freeze their funds so 3AC can pay their debtors.
Who exactly is @0xSifu? aka Michael Patryn? aka Omar Dhanani?
I've had the unfortunate pleasure of following this criminal for years. A thread on why we need this guy out.
$TIME $WMEMO $SPELL
1/ Currently affiliated with @Wonderland_fi as CFO and on the multi-sig of the 800M+ treasury. His wallet expanded from 45M to 450M+ and is currently funneling out the funds now that @0xSifu has been ousted as his real identity.
2/ 2018-2019 he was "Michael Patryn". Him and now missing/deceased co-founder Gerald Cotten started Quadrigacx, a Canadian crypto-exchange.
They basically ran a ponzi, with on chain evidence showing that Cotten may have traded with user's funds.
1/ Some of the biggest Defi Protocols are helmed by a known criminal and scammer Michael Patryn who owns $400M+. I will try to explain the insane crime drama unfolding regarding $TIME $wMEMO $SPELL @0xSifu@danielesesta
2/ Less than 48 hours ago, the @Wonderland_fi protocol was under attack. Most seem to believe it was a liquidation cascade set off to target @danielesesta who lost 8 figures in the attack. The attack was done while he slept. Dump seen below
3/ At this point @danielesesta probably has tons of enemies. So it could have been anyone. I'm sure there are those that don't want him in charge of @SushiSwap and others who are angry he left @traderjoe_xyz. But at this point, some are wondering if it was an inside job?
Soon after my last thread and @Tetranode's threats settled, $MOCHI resumed the pump. Quickly bouncing from its dip and hitting ATH. Many rallied behind $MOCHI and @AZtztk, cheering for the "underdog" against the bully whales.
"How is this decentralized if a whale can bully?"
🤔Reminder: the curve wars are fought over $crv/ $cvx so that one may direct the gauge towards their own protocol. Think of the gauge as basically a pipe spewing out $ rewards into your protocol.
Owning more $CVX gives you more voting power over where these gauges are aimed
Defi Wars. Looks like the stage has been set. I will attempt to give a brief overview of the situation, but keep in mind the dust hasn't even settled from tonight's events.