Three Arrows liquidation: Cryptocurrency hedge fund Three Arrows Capital has begun liquidation, a source says

Cryptocurrency hedge fund Three Arrows Capital (3AC) joined liquidationa person familiar with the matter told Reuters on Wednesday, in the latest sign of a market downturn hurting the crypto industry.

Singapore-based 3AC is one of the most well-known crypto investors that has run into trouble following the sharp sell-off in the digital currency market in recent months.

Cryptocurrency broker Voyager Digital issued a 3AC notice of default on Monday after it failed to make payments on a $15,250 loan. bitcoin (approximately $324 million) and USDC stablecoin worth $350 million.

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BUT British Virgin Islands The court order, also dated Monday, ordered 3AC’s liquidation.

Teneo, a consulting firm, was named liquidator.

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Leading cryptocurrency Bitcoin fell about 37% in June, trading at around $20,000 on Wednesday, down from its all-time high of $69,000 in November 2021.

Broadcaster Sky first announced the liquidation of 3AC on Wednesday.

On June 15, the co-founder of 3AC attempted to dismiss the liquidation rumors in a tweet, stating that the company is “fully committed to solving this issue” without elaborating.

3AC did not immediately respond to a request for comment.

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