The cryptocurrency crisis has claimed yet another victim. Three Arrows Capital investment fund had until June 27 to repay the loan signed with Voyager Digital broker. The hedge fund finally finds itself in default, according to its creditor. He defaulted on a $675 million loan in 15,250 bitcoins and a $350 million loan, a stable currency whose value is tied to the dollar. The news is all the more embarrassing because 3AC is funding the crypto ecosystem to the tune of $10 billion. An environment that is already threatened by the economic situation. Its potential decline could cause a destructive domino effect.
The dire situation of this Singaporean giant is a direct result of the poor health of the cryptocurrency market. It was particularly susceptible to fluctuations in both values. First, the stablecoin Terra USD, which lost 50% in one day during May; then collapse…
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.