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Hedge fund Three Arrows Capital (3AC) owes the organization behind the development of the Moonbeam project $17 million in stablecoins and about $10 million in the form of tokens issued on the blockchain platform. This is evidenced by the disclosed court documents.
"We repeat our demand for immediaterepayment of the two remaining loans ($7 million in UDSC and $10 million in USDT) and accrued interest in accordance with the terms of the main digital currency loan agreement,” wrote the director of the Moonbeam Foundation in a letter to 3AC (dated June 2022).
The parties entered into an agreement on September 20, 2021. 3AC took out a term loan at 12% per annum.
Separately, the Moonbeam Foundation attracted a hedge fundas a "liquidity advisor" for the Moonriver (MOVR) and Glimmer (GLMR) utility tokens. Three Arrows Capital held over 10 million GLMR and 200,000 MOVR that never returned to the organization. At the time of writing, the assets are valued at $9.74 million.
3AC had to make "commercialreasonable efforts to open new markets" for these two tokens, conduct "market analysis" and propose "suitable exchanges" for distribution. The Moonbeam Foundation also paid the foundation $90,000 in six-month consulting fees.
The documents additionally state that in OctoberMoonbeam's PureStake also loaned Three Arrows Capital $8 million in USDC in 2021. The firm's chief operating officer, Stefan Mehlhorn, reclaimed the debt in June 2022.
The Moonbeam Foundation said that the situation around 3AC will not have a "significant impact" on the activities of the organization.
“3AC was one of several providers thatorganization used for such management services. Loan agreements are only part of the [Moonbeam Foundation] accounts,” the team wrote.
Recall that in November 2021, the Moonbeam project won the auction for the second slot of the Polkadot parachain.
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