Where has all the money gone indeed?

Add up the marked lines. Go ahead, we’ll wait.
Walter Sobchak explaining the net cash position of Three Arrows Capital. At least most of the time.

The Lenders

Now let’s try organizing the liabilities again but this time by date. And we will ignore the gigantic Genesis loans as they was clearly ongoing, at some level, the whole time. The agreement is dated 10 Jan 2019 after all. The remaining gross borrowings total something like $1 billion.

Total loans per month in blue, GBTC premium in orange
Monthly borrowings log-scale.

Post-LUNA Lending

There are only two post-LUNA loans with firm dates: CoinList and Mirana. Those were almost certainly lending into a hole. For these loans we agree 100% with Frances’ assessment.



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