According to The Block, Kyle Davies, co-founder of Three Arrows Capital, said that the collapse of LUNA and UST and the negative premium of Grayscale Fund were not the real reasons for the collapse of Three Arrows Capital. Although it was affected by the above two events at that time, but Three Arrows Capital is still in operation, and the real reason for its collapse is that FTX and Alameda shared the liquidation level of Three Arrows Capital's positions, and deliberately manipulated the price to make their positions liquidated, leading to the final collapse.