Crypto hedge fund Three Arrows Capital in default on $650 million loan

Hedge fund Three Arrows Capital failed to make required payments on a loan worth more than $650 million. Voyager Digital says it intends to recover the funds, which was loaned as 15,250 bitcoin and $350 million in the stablecoin USDC. Bitcoin, the most prominent cryptocurrency, was trading Monday near $20,700, far below its November peak of roughly $69,000. The market value for all cryptocurrencies stood just below $1 trillion; seven months ago, that figure approached $3 trillion. Crypto-related crime hit a new all-time high of $14 billion last year, according to research from Chainalysis, up from $7.8 billion in 2020. The S&P 500 has fallen 18 percent so far this year. Source