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Rumored 3AC wallet drops below liquidation level risking over $200 million in ETH Rumored 3AC wallet drops below liquidation level risking over $200 million in ETH

Rumored 3AC wallet drops below liquidation level risking over $200 million in ETH

The wallet rumored to belong to 3AC has just dropped below its maintenance level indicating the liquidation of over $200M ETH may be imminent

Rumored 3AC wallet drops below liquidation level risking over $200 million in ETH

Cover art/illustration via CryptoSlate

A wallet that was rumored to belong to investment firm 3AC has just dropped below the threshold for liquidation.

The wallet had over $184 million in stablecoin loans collateralized by $222 million in wETH. A health factor above 1.0 is required to stave off liquidation. However, as the price of Ethereum dropped below $1,047, the wallet is now earmarked for liquidation.

3AC wallet

As of press time, there has been no on-chain action to suggest the loan has been liquidated, according to Etherscan. However, without the deployment of further capital, a liquidation event is imminent.

UPDATE 2 pm GMT: The 3AC tag has now been removed from Nasen suggesting the wallet may not belong to 3AC. Regardless of ownership if this wallet is liquidated selling pressure will be intensified for Ethereum.