Three Arrows Capital News: Three Arrows’ Loans Will Cost Blockchain.com a Loss of $270 Million

Written by C, Fiona

Last updated: 2022-07-11

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On Friday, a person with direct knowledge of the situation indicated that cryptocurrency exchange Blockchain.com could lose $270 million on loans to bankrupt crypto hedge firm Three Arrows Capital (3AC).

Gaming, NFTs and Crypto VC Three Arrows Capital Defaults on $670M Loan - NFTgators

Three days after filing Chapter 15 bankruptcy in the US, 3AC sought to safeguard itself from creditors following one of the most high-profile blow-ups of this year’s cryptocurrency crisis.

According to a business spokeswoman, Blockchain.com CEO Peter Smith wrote in a letter to shareholders that “Three Arrows is swiftly going insolvent and the default impact is roughly $270 million in bitcoin and U.S. dollar loans from Blockchain.com.”

CoinDesk Originally Broke the Story

After 3AC’s failure to meet a margin call earlier this week, the digital asset exchange Genesis Trading also disclosed that it has exposure to 3AC. to read more

Equities have fallen and cryptocurrencies have fallen as a result of aggressive rate increases by the US Federal Reserve and recession fears. Celsius Network, a lending platform, and Voyager Digital have both been impacted hard by the crypto cold.