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HomeBusinessCrypto Firm Three Arrows Capital Becomes First Meltdown Casuality: Report

Crypto Firm Three Arrows Capital Becomes First Meltdown Casuality: Report


Crypto hedge fund Three Arrows Capital has entered liquidation: Report

Crypto hedge fund Three Arrows Capital (3AC) has entered liquidation, an individual aware of the matter advised Reuters on Wednesday, within the newest signal of the market downturn hurting the crypto business.

Singapore-based 3AC is among the increased profile crypto buyers to have run into difficulties following the sharp sell-off out there for digital currencies seen in current months.

Crypto dealer Voyager Digital issued 3AC with a default discover on Monday after it did not make funds on a mortgage of 15,250 bitcoin (roughly $324 million) and $350 million price of USDC, a stablecoin.

A British Virgin Islands courtroom order additionally dated on Monday ordered 3AC’s liquidation.

Consultancy agency Teneo have been appointed as liquidators.

Top cryptocurrency bitcoin has plunged some 37 per cent in June, buying and selling round $20,000 on Wednesday, in contrast with its all-time excessive of $69,000 in November 2021.

News of 3AC’s liquidation was first reported by broadcaster Sky on Wednesday.

On June 15, 3AC’s co-founder sought to handle liquidation rumours in a tweet, saying the corporate was “fully committed to working this out”, with out going into additional element.

3AC didn’t instantly reply to a request for remark.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)



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