Exchange and cryptocurrency wallet provider Blockchain.com could lose $270 million previously lenthedge fund Three Arrows Capital. It is reported by CoinDesk.
"Three Arrows is fast becominginsolvent. The default affects funds worth $270 million - cryptocurrency and US dollar-denominated loans from Blockchain.com, ”the company said in a letter to shareholders, which was at the disposal of the publication.
Blockchain.com CEO Peter Smith noted that over the past four years, Three Arrows Capital has borrowed and repaid loans in cryptocurrency worth more than $700 million.
He also stressed that the exchange "remains liquid, solvent" and the current situation "will not affect users."
A source familiar with Blockchain.com's financial position told the publication that the company has enough resources to cope with the losses.
According to Nansen, founded by Su Zhu and KyleDavis in 2012, Three Arrows Capital (3AC) managed assets worth about $10 billion. Against the backdrop of the collapse of the cryptocurrency market and the collapse of Terra, information appeared about the insolvency of 3AC.
Let us remind you that the exchange and cryptocurrency wallet provider Blockchain.com and the Deribit platform demanded the liquidation of Three Arrows Capital. The latter filed a petition for bankruptcy.
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