Crypto turmoil intensifies as major fund defaults

Hedge fund Three Arrows Capital defaulted on loans worth a total of $670 million. The money is owed to the digital asset brokerage firm, Voyager Capital, which issued a notice saying Three Arrows had failed to repay a $350 million loan in the stablecoin USDC as well as about $323 million worth of bitcoin. Voyager Capital issued a statement aimed at trying to contain fears of contagion throughout the crypto market. Overall market capitalisation has plummeted from $3 trillion last November to around $900 billion—a loss of almost 70 percent. The Wall Street Journal reported on Monday that Celsius Network, which operates as a kind of bank for crypto currencies, has hired restructuring consultants from a major firm “to advise on a possible bankruptcy filing” Source