Crypto hedge fund at center of crisis faces risk of default as deadline to repay $670 million nears
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Hedge fund Three Arrows Capital has to repay more than $670 million in loans or face default. The case could have a ripple effect across the digital asset market. Billions of dollars of value have been wiped off the digital coin market in recent weeks. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs. 3AC, as it's also known, is one of the most prominent crypto hedge funds around and is known for its highly leveraged bets on the market, but has to meet a deadline on Monday to repay the money back or risk defaulting on the loans or facing legal action against the hedge fund's assets. The hedge fund is facing a potential liquidity and solvency issue. It is not immediately available for comment. Source