Blockchain.com may lose $270 million loan for Three Arrows Capital
Cryptocurrency Exchange Blockchain.com She may lose $270 million, which she lent to the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC).
This news was revealed in a letter to shareholders written by the CEO Blockchain.com By Peter Smith.
"Three Arrows are rapidly becoming insolvent, and the consequences of default amount to approximately $270 million in the form of cryptocurrencies and loans in US dollars from Blockchain.com "," Smith explained.
3AC, which is now being liquidated in the British Virgin Islands, was once one of the largest cryptocurrency hedge funds with billions of dollars under management. The firm has collapsed in recent weeks in response to a combination of poor risk management and declining cryptocurrency prices, with many cryptocurrency lenders suffering the consequences.
In the letter, Smith indicated that 3AC borrowed and paid Blockchain.com cryptocurrency worth more than $ 700 million over the four years during which the firm was a counterparty. The letter dated June 24 also stated that Blockchain.com "it remains liquid, solvent, and this will not affect our customers."
A report published by Bloomberg last week indicated that Blockchain.com and Deribit were among the creditors seeking the liquidation of Three Arrows in the British Virgin Islands. In the report, the representative Blockchain.com He stated that 3AC "deceived the crypto industry" and that the company intends to "hold them accountable to the fullest extent of the law."
Blockchain.com - one of the oldest companies in the cryptocurrency industry and one of the first developers of browser wallets.
https://coin-signal.com/cryptonews/blockchain-com-may-lose-270-million-loan-for-three-arrows-capital/
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