Blockchain.com loses $270 million to 3AC’s bankruptcy
According to the company’s head Peter Smith, the platform remains liquid and solvent

10.07.2022 - 07:30
125
1 min
0
What’s new? Cryptocurrency exchange Blockchain.com lost $270 million due to a loan provided to the bankrupt hedge fund Three Arrows Capital (3AC). In a letter to its shareholders, which was sent before the bankruptcy, the company’s CEO Peter Smith warned that 3AC was “rapidly becoming insolvent,” so losses should be expected. However, he noted that the exchange “remains liquid, solvent” and this situation would not affect customers.
Blockchain.com situation. It was previously reported that the crypto exchange was among the creditors pushing for the liquidation of 3AC. The head of Blockchain.com also noted that Three Arrows had borrowed a total of $700 million from the exchange over the past four years.
The fund was ordered to be liquidated by a court in the British Virgin Islands on June 29 during the consideration of its insolvency proceedings. A few days later, 3AC filed for bankruptcy in the United States. The filing form prevents creditors from seizing 3AC’s assets in the States while the liquidation process is ongoing.
Useful material?
Trends
Earlier, the French division of the network began accepting payments in bitcoins
Mar 29, 2023
Crypto regulations
The presidential decree obliges the leadership of the High-Tech Park to develop a concept for the development of the token sphere by July of next year
Mar 29, 2023
Incidents
The service team urged users to be more careful in the coming days in connection with the possible activation of scammers
Mar 29, 2023
Market
The law firm’s experts have called on Congress to end illegal pressure on the digital asset industry
Mar 29, 2023
Incidents
The attack affected the asset’s liquidity pool paired with BNB
Mar 29, 2023
Incidents
The phishing site offers potential victims to link a wallet to check the possibility of receiving the asset
Mar 29, 2023