March 29, 2024

Blockchain.com and Deribit demanded the liquidation of Three Arrows Capital

Blockchain.com and Deribit demanded the liquidation of Three Arrows Capital

Exchange and cryptocurrency wallet provider Blockchain.com and platform Deribit have confirmed that they are among theThree Arrows Capital (3AC) creditors who demanded the liquidation of the hedge fund. Bloomberg writes about this, citing company statements.

On June 29, it became known that the court of the British Virgin Islands made a corresponding decision.

“We believe Three Arrows Capital has been scammedcrypto industry, and intend to hold them accountable to the fullest extent of the law. We have applied for the immediate liquidation of all [3AC] Global Assets,” a Blockchain.com spokesperson said.

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In June, against the background of the collapse of the cryptocurrency marketthere were rumors about the insolvency of Three Arrows Capital. Trading company 8 Blocks Capital accused the hedge fund of using client funds to cover margin calls.

According to some reports, cryptocurrency platforms BitMEX, FTX and Deribit liquidated 3AC positions due to the latter's inability to meet margin requirements.

On June 17, hedge fund co-founder Kyle Davis said Three Arrows Capital had hired legal and financial advisors to work out a solution for its investors and creditors. 

On June 27, crypto broker Voyager Digital sent 3AC a notice of default due to non-payment of a loan.

Recall, Singapore's financial regulator announced a reprimand to Three Arrows Capital for providing false information and exceeding the allowed threshold of assets under management.

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