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Exchange and cryptocurrency wallet provider Blockchain.com could lose $270 million previously lent to hedge fund Three Arrows Capital. Reported by CoinDesk. “Three Arrows is going bankrupt fast. The
Exchange and cryptocurrency wallet provider Blockchain.com could lose $270 million previously lent to hedge fund Three Arrows Capital. Reported by CoinDesk.
“Three Arrows is going bankrupt fast. The default affects $270 million worth of funds – cryptocurrency and US dollar loans from Blockchain.com,” the company said in a letter to shareholders at the disposal of the publication.
Blockchain.com CEO Peter Smith stated that in the past four years, Three Arrows Capital has received and repaid more than $700 million in cryptocurrency loans.
He also stressed that the exchange “remains liquid, solvent” and that the current situation “will not affect users”.
A source familiar with Blockchain.com’s financial situation told the publication that the company has sufficient resources to deal with the losses.
Three Arrows Capital (3AC), founded by Su Zhu and Kyle Davis in 2012, has managed nearly $10 billion in assets, according to Nansen.
Recall that the exchange and provider of cryptocurrency wallets Blockchain.com and the Deribit platform demanded the liquidation of Three Arrows Capital. The latter filed for bankruptcy.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
