According to Cointelegraph, Jeff Dorman, Chief Investment Officer of digital asset investment firm Arca, criticized stablecoin issuer Circle for allocating $135,000 to Arca in its recent IPO. Dorman published an open letter on social media, accusing Circle and its leadership of poor judgment, calling the allocation 'improper,' and announcing the closure of all Arca accounts with Circle.
Dorman indicated that Arca only received a participation limit of $135,000 on a $10 million order. Arca was one of the first entities to make an offer and was an early supporter of Circle.
Dorman also stated that Arca will close all Circle accounts and discourage other companies from partnering with the stablecoin giant. Circle went public on June 5 on the New York Stock Exchange, viewed as a significant milestone for the crypto industry.
