3AC Founders Launch Controversial Meme Token "Three Arrowz Capitel"

The founders of the defunct cryptocurrency hedge fund Three Arrows Capital (3AC), Su Zhu and Kyle Davies, have stirred controversy with the launch of a new meme token named "Three Arrowz Capitel." This project, which cleverly alters the original name of 3AC by changing just one letter, saw its market capitalization soar to nearly $100 million within hours of its debut.

Blockchain analytics from Bubblemaps reveal that approximately 80% of the token supply is locked in several interconnected wallets, raising suspicions of a potential pump-and-dump scheme. This development comes on the heels of 3AC's collapse in 2022, which resulted in billions lost for investors and significant scrutiny from regulatory bodies. The hedge fund was ordered to liquidate after failing to meet margin calls, leading to a cascading series of liquidations that affected the broader cryptocurrency market.

Critics are questioning the motivations behind this new venture, especially given Zhu and Davies' controversial history. Following 3AC's liquidation, both founders faced allegations of misleading investors and were subject to investigations regarding their financial practices. The rapid rise of "Three Arrowz Capitel" has reignited discussions about accountability and ethics in the cryptocurrency space, as many wonder if this new token is merely a vehicle for further financial exploitation.