9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Hedge fund Three Arrows Capital (3AC) owes $17 million in stablecoins and nearly $10 million in tokens issued on a blockchain platform to the organization behind the development
Hedge fund Three Arrows Capital (3AC) owes $17 million in stablecoins and nearly $10 million in tokens issued on a blockchain platform to the organization behind the development of the Moonbeam project. This is evidenced by the court documents disclosed.
“We reiterate our request for immediate repayment of the two remaining loans ($7 million UDSC and $10 million USDT) and accrued interest in accordance with the terms of the main digital currency loan agreement,” said the Moonbeam Foundation director. A letter to 3AC (dated June 2022).
The parties reached an agreement on 20 September 2021. 3AC took a term loan of 12% per annum.
Separately, the Moonbeam Foundation has commissioned the hedge fund as a “liquidity advisor” for its Moonriver (MOVR) and Glimmer (GLMR) utility tokens. Three Arrows Capital held 10 million GLMR and 200,000 MOVR that never returned to the organization. At the time of writing, the assets are worth $9.74 million.
3AC would make “commercially reasonable efforts to open new markets” for the two tokens, conduct “market analysis” and recommend “suitable exchanges” for distribution. The Moonbeam Foundation also paid the foundation $90,000 in six-month consulting fees.
The documents also state that PureStake, the company behind Moonbeam, also made an 8 million USDC loan to Three Arrows Capital in October 2021. The firm’s chief operating officer, Stefan Mehlhorn, repaid the debt in June 2022.
The Moonbeam Foundation said the situation around 3AC would not have a “significant impact” on the organization’s activities.
2/3AC was one of several providers the Foundation uses for such management services, and the loan agreements represent only a fraction of Foundation accounts.
— Moonbeam Network #HarvestMoonbeam (@MoonbeamNetwork) 19 July 2022
“3AC was one of the few providers the organization used for this type of management services. Loan agreements are only part of invoices [Moonbeam Foundation]” wrote the team.
Recall that in November 2021 the Moonbeam project won the auction for the second slot of Polkadot parachain.
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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.
