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 generou...