“Last Minute” Development For The Company With These 16 Altcoins In Their Cart!

According to a Sky News report, Bitcoin and altcoin hedge fund Three Arrows Capital (3AC) is in liquidation. Here are the details...
 “Last Minute” Development For The Company With These 16 Altcoins In Their Cart!
READING NOW “Last Minute” Development For The Company With These 16 Altcoins In Their Cart!

According to a Sky News report, Bitcoin and altcoin hedge fund Three Arrows Capital (3AC) is in liquidation. According to the community, this could deepen the crisis that is already suffocating the crypto space. Here are the details…

Three Arrows Capital enters liquidation process

According to the report, partners from Teneo Restructring in the British Virgin Islands have lined up to handle the Singapore-based firm’s bankruptcy. Earlier in the week, Voyager Digital said it had issued Three Arrows Capital with a notice of default. The loan amount includes about $660 million worth of 15,250 Bitcoins and $350 million USDC. The report added that the liquidation could be a pivotal moment for the prospects of the rapidly growing cryptocurrency industry. However, it was unclear what the immediate financial implications would be for Three Arrows’ creditors.

Where did it all start for 3AC?

The crisis situation for Three Arrows began with the collapse of LUNA and UST in May, as we have also reported on Cryptokoin.com. The firm received money from investors. Then he invested it in Anchor Protocol. Speculation is common that Three Arrows has not informed investors of its interests in the UST position. The company allegedly used counterparty funds to establish a large UST position on Anchor Protocol.

The bankruptcy process is likely to impact the crypto space, which has already been shaken by crypto winter losses and speculation. 3AC; Celsius has received loans from various lenders, including FTX, BlockFi, BitMEX, and Nexo. Sami Rusani, a crypto investor, said that more regulation is needed to further legitimize the crypto industry. Also, this could have an impact on the cryptocurrency bill proposed by US senators Cynthia Lummis and Kirsten Gillibrand. The bill plans to regulate various cryptocurrencies in separate categories. Regulatory oversight for the various cryptocurrencies in the overall financial statement is questionable following the liquidation of 3AC.

Three Arrows Capital’s basket had 16 altcoins

Three Arrows Capital was once one of the largest cryptocurrency funds. So much so that the total assets under his management amounted to $18 billion. Cryptocurrency research platform Messari announced the coins in 3AC’s portfolio. These cryptocurrencies were as follows: Polkadot (DOT), Uniswap (UNI), Aave (AAVE), Compound (COMP), Synthetix Network (SNX), yearn.finance (YFI), Balancer (BAL), WOO Network (WOO), Hxro (HXRO), Perpetual Protocol (PERP), DODO (DODO), KeeperDAO (ROOK), mStable Governance Token (MTA), dHEDGE (DHT), Kyber Network (KNC).

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