Crypto Hedge Fund Three Arrows Capital Has Entered Liquidation: Report
Crypto hedge fund Three Arrows Capital (3AC) has entered liquidation, a person familiar with the matter told Reuters on Wednesday, in the latest sign of a market slowdown hurting the crypto industry.
Singapore-based 3AC is one of the high profile crypto investors that has faced difficulties following a sharp sell-off in the market for digital currencies that has been seen in recent months.
Crypto broker Voyager Digital issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (about $324 million) and $350 million worth of USDC, a stablecoin.
A British Virgin Islands court order also ordered the liquidation of 3AC on Monday.
Consultancy firm Teneo has been appointed as the liquidator.
Top cryptocurrency bitcoin is down nearly 37 percent in June, trading at nearly $20,000 on Wednesday, compared to its all-time high of $69,000 in November 2021.
The liquidation of 3AC was first reported by broadcaster Sky on Wednesday.
On June 15, the 3AC co-founder sought to address the liquidation rumors in a tweet, saying that the company is “fully committed to working on it”, without going into further detail.
3AC did not immediately respond to a request for comment.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)