D'Geriicht bestallt d'Liquidatioun vum Crypto Hedge Fund Three Arrows Capital, bedroht méi Maarttierm

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Singapore-based crypto hedge fund Three Arrows Capital has become insolvent and a British Virgin Islands court has ordered its assets to be liquidated, Sky News confirméiert on Wednesday, a development that could spark further turmoil in the cryptocurrency market which is already beginning to see a slump in prices after rallying earlier in the week.

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Schlëssel Hannergrond

The reported liquidation order comes weeks after speculation that the fund may face insolvency. Earlier this month, the Wall Street Journal confirméiert that 3AC had invested $200 million in the now zesummegefall ass Luna token and was further stung by the recent steep decline in bitcoin prices. One of the company’s founders, Kyle Davies, told the Journal the company had hired advisors to explore options, including asset sales or a bailout by another firm. On Monday, crypto broker Voyager Digital bekanntginn it had lent $350 million worth of the stablecoin USDC and 15,250 bitcoins (worth around $325 million at the time), to the hedge fund. The brokerage gefrot repayment of $25 million in USDC from 3AC on June 24 and the entire loan amount by June 27, but the hedge fund failed to meet the deadline. Turmoil in the wider crypto market began earlier this month amid concerns of a recession, while a market selloff was accelerated when major cryptocurrency lender Celsius announced it had suspended all withdrawals.

Weiderliesen

Crypto hedge fund Three Arrows Capital plunges into liquidation (Sky News)

Ailing Crypto Trading Firm Three Arrows Capital Defaults On $675 Million Loan To Voyager Digital (Forbes)