A small toy figure and representations of the virtual currency bitcoin stand on a motherboard in this picture illustration taken on May 20, 2021.LONDON — Crypto hedge fund Three Arrows Capital 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 and US$350 million worth of USDC, a stablecoin.Consultancy firm Teneo have been appointed as liquidators.
Top cryptocurrency bitcoin has plunged some 37 per cent in June, trading around US$20,000 on Wednesday, compared with its all-time high of US$69,000 in November 2021.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.
Here goes 'crypto Disneyland' 🤣🤣🤣
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