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
333
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?
Market
The product will allow professional investors to track the price of the altcoin without having to hold it directly
Apr 18, 2025
Market
Previously, the PumpFun team launched their decentralized exchange to preserve liquidity in their ecosystem
Apr 17, 2025
Technologies
The company predicts that devices powerful enough to crack a 256-bit key could be available in the next 10 years
Apr 17, 2025
Mining
The collaboration aims to increase decentralization of the blockchain
Apr 15, 2025
Market
The feature will later be available to customers in Europe and Australia
Apr 15, 2025
Crypto regulations
The rule was passed toward the end of Joe Biden’s presidential term
Apr 11, 2025