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/biz/ - Business & Finance

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50063443 No.50063443 [Reply] [Original]

https://www.businesstoday.in/crypto/story/crypto-hedge-fund-three-arrows-capital-enters-liquidation-339798-2022-06-30

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

Singapore-based 3AC is one of the higher profile crypto investors to have run into difficulties following the sharp sell-off in the market for digital currencies seen in recent months.

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

A British Virgin Islands court order also dated on Monday ordered 3AC's liquidation.

Consultancy firm Teneo have been appointed as liquidators.

Top cryptocurrency bitcoin has plunged some 37% in June, trading around $20,000 on Wednesday, compared with its all-time high of $69,000 in November 2021.

News of 3AC's liquidation was first reported by broadcaster Sky on Wednesday.

On June 15, 3AC's co-founder sought to address liquidation rumours in a tweet, saying the company was "fully committed to working this out", without going into further detail.

3AC did not immediately respond to a request for comment.n84v2

>> No.50063471

also, inb4 "I don't like your source! REEEEEEEEEEEEEEEEE!"

>> No.50063489

>>50063443
Never heard of them, does this effect how much my BTC is worth in Sats? I'm not sure

>> No.50063512

>>50063489
3AC, co-founded by Zhu Su and Kyle Davies, is one of the most prominent crypto hedge funds around and is known for its highly leveraged bets.

>> No.50063547

>>50063489
It will also result in people screaming AAAAAAAAAAAAAAAAAAAAAAA and selling at a loss.

>> No.50063614

/Biz/ be like:
Real news: I sleep.
AAAAAAAAA threads: REAL SHIT!

>> No.50063684

it's over. crypto is going through its first real bear market. it will at least a decade for it to recover

>> No.50063790

>>50063684
If it ever recovers...

>> No.50064107

>>50063684
>>50063790
Cope harder bobos, Powell is going to pivot before 3% rates as the US debt cannot handle 3%. The bullrun will be back before September.

>> No.50065400

>>50064107
Saved for future use when Powell doesn't save you, faggot!

>> No.50066154

>>50065400
The US cannot pay the debt at 3%, 3% rates won't even happen. He will do 1 more hike in July and that will be it, pivot in September.

>> No.50067199

>>50066154
Hurr durr hurr! He will never crash the economy! He cares about the little man! Hurr durr hurr!

>> No.50067251

>>50066154
>pivot in September
Let it be known that the last 50 year debt jubilee was in 2021, and before that it was 1971.
Let it also be known that the Shmita also began on 09/07/2021.
Let it be known that the last time both the Sabbatical and the debt jubilee coincided with one another was in 1721, and it won't happen again until ~2321.

>> No.50067468

>>50067251
1721 was also when the South Sea Company bubble began to burst lmao

>> No.50067498

>>50067199
of course they don't care about plebs. they will have to care when the government is in danger of default, which happens every year and is resolved by borrowing more money from the fed
>>50067251
>>50067468
>muh jews