Three Arrows Capital Goes Into Liquidation
London – Major crypto hedge fund Three Arrows Capital (3AC) is now officially shutting down, according to a source familiar with the matter. The move comes as the crypto market takes a deep breath after a sharp sell‑off.
The Chain of Events
- Singapore-based 3AC has been hit hard by the recent dip in digital currency prices.
- On Monday, Voyager Digital sent a default notice because the firm couldn’t repay a loan of 15,250 BTC (roughly $324 million) plus $350 million worth of the stablecoin USDC.
- That same Monday, a court in the British Virgin Islands ordered the liquidation of 3AC.
- Consultancy firm Teneo has stepped in as the liquidators.
Bitcoin’s Roller Coaster
Bitcoin has taken a nosedive of about 37 % in June, trading around $20,000 today. Back in November 2021, it peaked at a jaw‑dropping $69,000.
What 3AC Can’t Say
When pressed for an update, 3AC remained silent. Its co‑founder tried to quell rumors on Twitter just two weeks earlier, promising the company was “fully committed to working this out.” No further details followed.
First whispers of the liquidation came from broadcaster Sky, letting the world know the crypto space is still trembling.
Why It Matters
Three Arrows Capital isn’t the only heavyweight rattled by the downturn. If you’re watching bitcoin and other tokens, expect some jittery movements—especially as crypto hovers near the tricky $27,700 mark.
