Edgelord 3AC’s bet on memecoin supercycle, seeks ‘racist cult leader’: Asia Express


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Three Arrowz Capitel’ make a big fat memecoin bet

Once glorified as a multibillion-dollar powerhouse in the crypto investment world, the founders of Singapore-based Three Arrows Capital (3AC) have taken a sharp turn into memecoin territory with their latest pivot.

Su Zhu, the co-founder of 3AC, recently ramped up his public memecoin trading game with a tweet saying, “Run it back,” with subsequent announcements in new investments like “Fat Girlfriend” and “Astrofolio” — yes, a bundle of tokens based on astrological signs.

3AC fat girlfriend Solana
3AC announces investment in Fat Girlfriend. (3AC)

Zhu’s new investment thesis jumps on the so-called “memecoin supercycle.” 

At the recent Token2049 conference in Singapore, meme trader Murad Mahmudov argued that memecoins offer a refreshing twist in a market saturated with overhyped VC-backed altcoins. He claimed that memecoins will outpace altcoins by capitalizing on retail traders’ fatigue from being used as “exit liquidity” by altcoin founders and venture capitalists.

Zhu takes it a step further, boldly predicting that institutional investors will soon flock to memecoins:

“Hearing liquid funds who had previously rejected memecoins are now being asked by LPs why they haven’t caught the moves. Institutional allocation to memecoins is likely to be the story of q4 2024.”

Somewhat ironically, Zhu was a leading proponent of the last failed “supercycle” theory, which held that increasing institutional investment meant the last bull run would never end. It did end, of course, and 3AC was partly responsible, with the firm’s $3 billion debt implicated in the collapse of numerous crypto lenders. 3AC has now risen like an unwanted phoenix from the ashes.

After their crypto exchange OPNX flopped and closed in February, they backed a new memecoin exchange, OX.Fun, a derivatives trading platform that reportedly raised $4 million earlier this year.



The exchange’s native token appears to be OX, but it also offers a 3AC token. Co-founder Kyle Davies recently reposted a call from the exchange’s CEO, who called for ” high-energy zoomers who wanna grind and be part of the next billion-dollar meme exchange.”

The original 3AC filed for bankruptcy in 2022 and was handed over to liquidators. The new edgelord memecoin version of 3AC claims to be “legal and solvent and was founded by Su in 2024.” It is now called “Three Arrowz Capitel.”

According to its fairly basic website, the new 3AC portfolio is comprised of Retardio, Hanbao and FatGF and there are job openings for a “Solana Dumper,” “Chinese Sniper” and a “Racist Cult Leader.”

It seems the 3AC boys have traded in hedge fund gravitas for a bit of memecoin madness.

Whether Zhu’s new vision is brilliant or just a desperate attempt to cash in on a trendy cycle remains to be seen, but one thing’s for sure: Three Arrowz Capitel has embraced the 4chan style memecoin spirit for better or for worse.

3ac
3AC is leaning hard into 4chan-style edgelord memecoin territory. (3AC)

Did we run out of kimchi?

The distinctive “kimchi premium” in South Korea’s cryptocurrency market has flipped throughout the week, CryptoQuant data shows

South Korea has a siloed cryptocurrency investing environment due to its regulatory structure.

For investors to trade fiat for crypto at regulated exchanges, they must hold a local bank account that has formed an official partnership with the exchange, which ties their crypto activities to their official identity.

South Korea's kimchi premium sinks below global averages throughout the week.
South Korea’s kimchi premium sinks below global averages throughout the week. (Source: CryptoQuant)

This structure effectively makes it more difficult for foreigners or institutions to trade in South Korean exchanges, but the retail appetite held local Bitcoin prices higher than global averages.

Now showing a “reverse kimchi premium,” Bitcoin in South Korea is trading at a lower price.

The reverse premium can be attributed to the lower trading volumes in South Korea compared to overseas exchanges, where demand surged. 

South Korea’s market structure limits its capacity to compete with international exchanges that benefit from broader investor access.

Globally, there has been an influx of institutional interest driven by the potential of spot Bitcoin exchange-traded funds — a trend that is also observed in Asia’s wider investing scene.

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A new report from Aspen Digital estimates that 76% of private wealth in Asia has invested in digital assets, and an additional 18% is planning future investments.

The Hong Kong-based wealth management platform surveyed 80 family offices and high-net-worth individuals across the continent. Over half of the respondents gained exposure through funds or ETFs.

But South Korea may still have a chance to catch up with global trends.

The Financial Services Commission in South Korea is reportedly planning to establish a Virtual Assets Committee. The committee would deliberate on issues such as allowing corporations to open crypto trading accounts and the potential issuance of cryptocurrency spot ETFs.

A former mayor’s links to human trafficking, pig-butchering, and a fallen crypto exchange

Alice Guo, a disgraced former Philippines mayor facing human trafficking charges, has reportedly been linked to an extensive international scam network and the now-defunct Hong Kong-based cryptocurrency exchange AAX by local outlet Rappler.

Guo is also battling espionage accusations and faces up to more than 1,200 years in prison.

Rappler’s investigation connected Guo and her business partner Huang Zhiyang to an associate named Dingkai Wang.

Guo and Huang co-founded Baofu Land Development Inc. in 2019, whose properties were raided to rescue hundreds of trafficked individuals made to perform crypto scams. Huang and Wang held nominal shares in Sun Valley Clark, a complex that was also raided to rescue more than 1,000 victims who were forced to work as crypto pig-butchering scam operators. 

Wang reportedly used a Cambodian passport to obtain a retiree visa in the Philippines but fled in May 2023 after Sun Valley was raided.

Chart displays a web of direct and indirect connections between Alice Guo and scams.
Ex-mayor Alice Guo’s alleged ties to human trafficking, crypto scams, and AAX. (Source: Rappler)

Sun Valley’s majority ownership was traced to two British Virgin Islands companies, one of which, Hanyip Limited, shares a Hong Kong address with Vico Capital Limited, linked to AAX’s former management.

Su Weiyi, the founder of AAX, is also listed as an owner of two Hong Kong companies along with Wang.

AAX shut down in late 2022 and Hong Kong police arrested two of its executives. The platform has been accused of misappropriating customer funds and fraud.

Investigations across Southeast Asia have unveiled an alarming number of human trafficking and crypto scam operations, and Cambodia appears to be at the center of it.

This year, Indian officials said it rescued 250 citizens who were lured to Cambodia under false job promises but ended up in illegal cyber activities. 

Award-winning Cambodian journalist Mech Dara was recently arrested, with activists claiming his detention is linked to his investigative work exposing crypto scam hubs and connecting them to Senator Ly Yong Phat. 

Phat, recently sanctioned by the United States Department of Treasury, faces allegations of involvement in human trafficking and forced labor related to cryptocurrency scams —accusations that Cambodia’s government has officially condemned.

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Heavy hitters continue beating on tokenization

Euroclear, an international clearing and settlement specialist, has announced a strategic stake in Singaporean digital infrastructure firm Marketnode for an undisclosed financial term.

The strategic investment enables Euroclear to contribute to building Asia-Pacific’s digital infrastructure, aiming to streamline fund flow management and expedite settlement processes, Marketnode said in a press release.

Euroclear, which managed 37 trillion euros ($40 trillion) as of Sept. 30, 2023, also has an experienced blockchain background.

In October 2023, the World Bank issued its first digital securities on Euroclear’s blockchain platform to raise 100 million euros ($108.6 million).

Marketnode was founded by Singapore Exchange and the state-owned investment fund Temasek in 2021 and has businesses in tokenizations and blockchain-based investment infrastructure.

In addition to its heavy-hitting founding members, Marketnode received investment from HSBC, a British bank with a market capitalization of $160 billion.

HSBC and Marketnode have together taken part in the Monetary Authority of Singapore’s Project Guardian, an initiative that explores tokenization and interoperable networks.

Yohan Yun

Yohan Yun

Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.