3AC Withdraws $33M in stETH from Curve’s Liquidity Pool

An address linked to cryptocurrency hedge fund Three Arrows Capital (3AC) has withdrawn 20,945 stETH from Curve Finance’s liquidity pool.

According to reports, 9,400 ETH, 20,945 ETH and other assets worth $57.86 million remain on the wallet.

Adam Cochran, partner of Cinneamhain Ventures, has noted that many users started to close positions in Curve amid the suspension of borrowing in Ethereum by Aave before The Merge, which could be a remake of the events of this summer.

According to analysts DeFiyst, there has been an increase in the interest rate on borrowing in Ethereum from 10% to 20%, which puts pressure on the stETH / ETH exchange rate. The situation may be aggravated by the imminent sale of 3AC “staken Ether.”