Three Arrows Capital co-founder Zhu Su believed that all BTC and ETH assets held by customers were sold and shorted.

Zhu Su posted that when SBF talked about why market hedging did not work, it is now obvious that he sold and shorted all BTC and ETH assets held by customers in exchange for SOL and FTT. This wasn't just a crime against customers, it was a crime against cryptocurrencies, where he internalized billions of dollars worth of currency purchased by his customers into his own tokens.