3AC Capital was founded by Zhu Su and Kyle Davies in 2012, managing approximately $10 billion at its peak. It expanded through a high-leverage strategy of 'borrowing money to invest', heavily focusing on various cryptocurrency projects, and even invested a substantial amount in the later-collapsed Luna project.
In 2022, the cryptocurrency market experienced a significant downturn, compounded by the collapse of its heavily invested TerraUSD stablecoin and Luna token, leading to a devastating blow to 3AC Capital's investment portfolio. In June of the same year, it received a default notice for failing to repay over $670 million in loans to cryptocurrency broker Voyager Digital; in July, it filed for bankruptcy protection under U.S. bankruptcy law, and its founders were subsequently banned by the Monetary Authority of Singapore from participating in the financial industry for nine years.
This event acted like a domino effect, causing many institutions in the crypto space to suffer. The cryptocurrency exchange Blockchain.com faced a $270 million loss due to loans made to it, and Voyager Digital also filed for bankruptcy because of this bad debt; several lending institutions and exchanges such as Genesis and BlockFi were affected and faced liquidity crises, ultimately leading to many investors' funds being unrecoverable, and numerous partner institutions incurred significant losses.
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How obsessed are crypto enthusiasts with license plates? Encountering 1000U on the road, almost hitting the brake as if it were the 'add position' button
Caught in a traffic jam on the ring road during the morning rush hour, I was staring blankly at the tail lights of the car in front, when I suddenly caught a glimpse of the license plate and my pupils trembled — the last three letters were U, which when read together becomes '1000U'!
Instantly, the candlestick chart in my mind began to roll automatically: a while ago, a friend invested in Trump coins, using 1000U with 50 times leverage, and within half an hour, he lost his entire month's salary; during the JPEX crash, how many people received only 1U back for 1000U in their rights protection posts; and every time someone shouts in the group 'collect 1000U spot' or 'sell 1000U for real name', they are immediately private messaged by crypto merchants, all of these scenarios play in my mind on repeat.
As someone who has been 'PUA'd' by the 'U' for many years in the crypto world, my sensitivity to this letter is comparable to radar. Seeing '500U' makes me instinctively calculate how much ETH I can buy, glancing at '2000U' leads me to ponder whether it's the threshold for a project’s referral rewards, and even when I see the license plate '888U', I can’t help but mutter, 'This license plate number is enough to pump a round of altcoins.'
After all, in this circle, U is not just a letter; it is hard currency pegged to the US dollar, it is the wailing during liquidation, the ecstasy after taking profit, and the caution when withdrawing funds to avoid frozen cards. Now, seeing this front car's license plate '1000U', I can't help but imagine whether the owner is a kindred spirit — did they just take profit at 1000U and buy a new car? Or are they stuck at 1000U and driving to relax?
I snapped a photo during a gap in the traffic and shared it in the group, and immediately someone picked up the joke, 'Keep up! This is the vehicle of the God of Wealth, let's share in the fortune,' while another teased, 'Be careful, it might be a black money car. Don't let it brush against your dashcam, or you’ll be afraid of freezing your withdrawal.' I can only say that the DNA of crypto enthusiasts is half candlestick charts and half conditioned reflex to 'U' and numbers.
I wonder if there are any fellow drivers who have encountered even more outrageous 'crypto license plates' on the road? For example, consecutive numbers like 'BTC' or 'ETH', or lucky numbers like '666U' or '888U' #车牌 {spot}(DOGEUSDT) {future}(BNBUSDT)
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