The involvement of Three Arrows Capital has led to a considerable loss of $270 million for Blockchain.com.
The cryptocurrency hedge fund 3AC, based in Singapore, has inflicted a significant loss of $270 million on blockchain.com, a prominent exchange.
It's been reported that 'Three Arrows is quickly heading towards insolvency, and the repercussions appear to be around $270 million in crypto and USD loans owed to Blockchain.com.' said Peter Smith, Blockchain.com CEO.
Founded back in 2011, Blockchain.com has maintained its status as one of the foremost and longest-operating companies within the sector. The firm was among 3AC’s creditors advocating for asset liquidation. startups While Three Arrows Capital experienced gains during previous market surges, challenges emerged when it came to their asset acquisitions.
On June 22, 3AC faced a setback when it failed to repay loans amounting to $665 million owed to Voyager Digital Holdings, Inc. Just days later on July 5, Voyager faced its own challenges. including NFTs worth millions — it was ordered to liquidate.
The downturn in the cryptocurrency market, coupled with the ongoing bear phase, poor risk evaluation, and insufficiently collateralized loans, contributed significantly to 3AC's troubles. Following its bankruptcy filing on June 27, company leaders have been exploring protection from creditors under Chapter 15 of the US Bankruptcy Code. crypto broker As it teeters on the edge of bankruptcy, Three Arrows Capital is reported to hold NFT assets worth $7.5 million. declared bankruptcy.
In a significant development, Unstoppable Domains has unveiled a partnership aimed at giving 82 million users access to .blockchain NFT domains.
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In line with the Trust Project guidelines Valeria holds a Master’s degree in Public Communications and is also pursuing a second Major in International Business Management. In her spare time, she enjoys photography and fashion styling. At the age of 13, she launched her first blog focused on fashion, which ignited her passion for both journalism and style.
