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Terra Community Researcher FatMan said verified sources confirmed that 3AC borrowed money from multiple funds and counterparties, placing it in Anchor to generate returns without telling them. Prior to the Terra Depegging incident, their UST holdings were at least nine figures. 3AC was also exposed to USDD but was forced to sell its position earlier this week, triggering a minor decoupling. FatMan also said 3AC owed a large amount of money to crypto exchange BitMEX, and creditors contacted confirmed 3AC was still unreachable.
Bitcoin has pulled back from $23,000 again and selling pressure remains above. At present, bitcoin’s intraday retreat has not broken the previous low of $20,100, but the strength of the rebound is weaker. Taken together, bitcoin has further to fall if it doesn’t break above $23,000 to $23,300 this week.
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