According to Cointelegraph, Jeff Dorman, the Chief Investment Officer of digital asset investment firm Arca, criticized stablecoin issuer Circle for allocating $135,000 to Arca in its recent initial public offering. Dorman posted an open letter on social media, accusing Circle and its leadership of poor judgment, calling the allocation "inappropriate," and announced the closure of all of Arca's accounts with Circle.
Dorman mentioned that Arca only received a $135,000 allocation from a $10 million order. Arca was one of the first entities to make a bid and has been an early supporter of Circle.
Dorman also stated that Arca will close all Circle accounts and discouraged other companies from partnering with the stablecoin giant. Circle went public on June 5 on the New York Stock Exchange, seen as a significant milestone for the crypto industry.
