Crypto hedge fund Three Arrows Capital fails to recover and goes into liquidation

Crypto hedge fund Three Arrows Capital fails to recover and goes into liquidation

Singapore-based 3AC is one of the high-profile crypto investors that has struggled following the strong sell-off in the digital currency market seen in recent months.

Crypto hedge fund Three Arrows Capital (3AC) has gone into liquidation, a person familiar with the matter told Reuters on Wednesday, in the latest sign that the market downturn is taking its toll on the crypto industry.

Singapore-based 3AC is one of the high-profile crypto investors that has struggled following the strong sell-off in the digital currency market seen in recent months.

Crypto broker Voyager Digital issued 3ACs with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (approximately $324 million) and $350 million in USDC, a stablecoin.

A court order from the British Virgin Islands also dated Monday ordered the liquidation of 3AC.

The consultancy firm Teneo has been designated liquidator.

Bitcoin, the leading cryptocurrency, plunged 37% in June, trading around $20,000 on Wednesday, compared with its all-time high of $69,000 in November 2021.

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

On June 15, the 3AC co-founder tried to address the liquidation rumors in a tweet, saying the company was “fully committed to resolving this,” without elaborating.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.