Cryptocurrency platforms BitMEX, FTX, and Deribit liquidation fund Three Arrows Capital (3AC) took their positions due to the latter’s failure to meet margin requirements. The Block writes about this by citing knowledgeable sources.

The interlocutors of the publication said that 3AC owes BiMEX approximately $ 6 million. A representative of the crypto derivatives exchange confirmed the information that the position was forcibly closed.

“It was a secured loan that did not involve client funds,” the company said.

Deribit CEO John Jansen declined to comment on the situation, but confirmed that 3AC has been a shareholder in the platform’s parent company since 2020. There are “few accounts” on the exchange that are seen as “potentially problematic”.

“Even if none of these debts are repaid, we will remain financially sound. This will not affect our operations in any way,” said Jansen.

The publication also contacted Bitfinex cryptocurrency exchange where 3AC is traded. The representative of the company said that the hedge fund independently closed positions at a loss.

At the same time, journalist Colin Wu said, citing sources, that Asian institutional investors “liquidated hundreds of millions of dollars in 3AC.”

Earlier, Financial Times journalists reported that at least some of the 3AC positions were forcibly closed by the BlockFi crypto Lendin platform. The head of the latter indirectly confirmed the information, saying that the company is liquidating debt associated with a “big client”.

Against the background of a market crash, rumors arose on the network about the bankruptcy of a hedge fund, which actively uses protocols such as Aave.

Recall that on June 16, trading company 8 Blocks Capital accused Three Arrows Capital of using client funds to cover margin calls.

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