Blockchain.com lost $270 million with the Three Arrows Capital mess and the CEO Peter Smith claimed the company is in good health so customers should not be impacted by the loss so let’s read more today in our latest cryptocurrency news.
Blockchain.com lost $270 million to Three Arrows Capital as per the letter sent to the shareholders two weeks ago. The company however remains liquid and solvent with the CEO assuring customers that they will not be impacted by the loss. Blockchain.com numbers among the entities wanting to hold 3AC fully accountable for defrauding the industry. Three Arrows Capital owes $270 million to the lending platform Blockchain.com but the CEO insisted in a letter to the shareholders that the company is still liquid and customers won’t be impacted.
It seems that Blockchain.com lost the money to Three Arrows Capital. The company announced that the platform will suffer a $270 millioon loss if the hedge fund defaults on its obligations. The company remained liquid and solvent so the customers won’t be impacted said Smith and elaborated that 3AC transacted with the company for more than $700 million in crypto and US dollars. The platform is a crypto exchange that provides lending and custody services for institutional clients. Three Arrows Capital is a prominent crypto hedge fund and the founder Kyle Davies and Su Zhu became quite famous in the crypto space for their trading calls and for pushing the supercycle theory arguing that BTC will face another 80% crash.
The company was wiped out after the brutal market meltdown and caused a liquidity crisis for the Cefi counterparties which are centralized companies that leverage the customers and their opportunities found in the DEFI space. BlockFi, Celsius, and Voyager are among the companies that suffered losses from the 3AC insolvency. The court in the British Virgin Islands ordered the liquidation of the hedge fund which was supported by Peter Smith who said that Three Arrows Capital defrauded the industry, while he hopes to hold them accountable to the fullest extent of the law.
Three Arrows Capital which boasted billions of dollars in assets under management, imploded thanks to the combination of the crashing crypto prices and poor risk management with many lending businesses becoming exposed.
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