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

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

The company 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.

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.

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