Three Arrows Capital co-founder Su Zhu has accused Digital Currency Group (DCG) and FTX of conspiring to attack LUNA and stETH, leading to the insolvency of his hedge fund.

Zhu made the allegations on Twitter, saying that DCG “conspired” with FTX “to attack Luna and stETH and made a fair bit doing so.”

He also accused the firms of misdirection and alleged that they used the collapse of 3AC to take more deposits while insolvent, hoping that the market would recover.

Meanwhile, DCG and its founder, Barry Silbert, have faced criticism from Gemini co-founder Cameron Winklevoss, who accused Silbert of “bad faith stall tactics” in relation to returning user funds.

Silbert denied any missed payments and said that DCG had made a proposal on 29 December but had not received any response.