Cryptocurrency hedge fund Three Arrows Capital (3AC) declared bankruptcy two months ago, but it’s still executing relatively hefty transactions.

On-chain data shows a wallet identified by on-chain analytics firm Nansen as belonging to 3AC withdrew a total of $45 million from deposits previously staked on Curve Finance and Convex Finance.

More specifically, the wallet removed about 20,945 staked ether ($33.3 million) from Curve. From Convex, it retrieved 2,421 wrapped ether ($4 million), 202.7 wrapped bitcoin ($4 million) and 4 million USDT, according to data from security firm PeckShield.

Since filing for bankruptcy in June, 3AC hasn’t conducted high-value transactions; and the purpose behind Tuesday’s withdrawals isn’t clear. One reasoning behind the move may be that stETH holders will be unable to redeem their tokens for ether until at least six months after the Merge, which is slated for Sept. 15.

A Twitter speculator suggested that 3AC’s move shows big wallet holders plan to liquidate their ether in the period of heightened focus on Ethereum around the Merge. Crypto markets are broadly down, but ether has shown strength relative to bitcoin, remaining in a daily uptrend since Aug. 29.

Before its liquidation and subsequent bankruptcy, 3AC was a high-profile firm known for playing a key part in the flow of capital across crypto markets. The fund was an aggressive borrower from large lenders, taking on loans worth billions of dollars to fund its trading positions.

3AC owed 27 crypto companies $3.5 billion at the time of its bankruptcy, with its biggest creditor being crypto brokerage Genesis. Founders Su Zhu and Kyle Davies have mostly laid low in the months following their fund’s collapse, allegedly refusing to cooperate with the court-appointed liquidator Teneo that’s overseeing its liquidation.

Teneo declined to comment on 3AC’s latest withdrawals, saying that the restructuring firm is focused on advancing the liquidation process “in order to maximize asset recoveries on behalf of all creditors.”

“During this time, it would be inappropriate to comment on speculation surrounding transactions that may or may not relate to Three Arrows or the investigations that are underway,” a spokesperson told Blockworks.

The labeling of 3AC’s wallet by Nansen does not make it a certainty. In response to skepticism over the firm’s labelling in the past, Nansen CEO Alex Svanevik remarked in June, “we can (but rarely) make mistakes — no-one is perfect.”

3AC didn’t return a request for comment by press time.

This article was originally published on  blockworks.co