3AC founders’ Three Arrowz Capitel memecoin crashes faster than 3AC

Three Arrows Capital (3AC) co-founders Su Zhu and Kyle Davies have decided to launch their own memecoin, Three Arrowz Capitel.

The duo previously led a hedge fund that blew up, had its dwindling assets frozen by court order, and still owe billions of dollars to creditors. Authorities in Singapore arrested Zhu last year for failing to comply with court instructions.

Branded under a purposeful misspelling of their failed hedge fund and retweeted from their official social media accounts, the duo now are now promoting a trading-focused Telegram channel to go with the newly-minted ERC-20 token.

Unfortunately for their mostly retail audience, up to 84% of its supply was held by insiders as of yesterday afternoon.

• 71.8% is now in a Team & Insider wallet.
• The token also imposes a punishing 1% tax on every buy and sell. The duo claims they will recirculate this tax to help their community swap the token for other ‘bags.’
• Finally, insiders control another eight wallets with generous allocations, bringing their total insider ownership to approximately 84% as of yesterday afternoon.

Read more: 3AC founder Kyle Davies not sorry for his actions, intends to avoid prison

Three Arrowz Capitel trading near a nickel

From its $0.192 all-time high on September 27, the coin has lost over 70% of its value. It now trades near a nickel and the token’s price chart since inception traces a classic pump-and-dump formation.

Only 9.3% of the token’s supply is available for liquidity on Uniswap and non-insider traders own a single-digit percentage. It has also lost over one-fifth of its value in the past 24 hours.

The launch of their new memecoin has raised concerns about Zhu and Davies’ focus. Despite the serious nature of their alleged harm to former investors, they have decided to launch a misspelled memecoin and post brain rot to a Telegram channel.

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