Three Arrows Capital falls into liquidation after crypto crash
— Called “ extreme market conditions .” since, Created, Value since peaking near, Firm claimed, Cool, 1 trillion, Began, Wall street journal earlier, Cryptocurrencies, Investor protections — 1 min read
A court in the British Virgin Islands orders Three Arrows Capital into liquidation. Liquidation order comes after a high-profile notice of default on Monday. Two senior members of the global advisory firm Teneo have been appointed by the court to help manage the liquidation, a source says. The hedge fund failed to make payments on a loan worth more than $665 million, paid partly in bitcoin. Bitcoin, the most prominent cryptocurrency, has been hovering near $20,000 — briefly falling below that threshold on Wednesday. Bitcoin has shed more than two-thirds of its value since peaking near $69,000 in November. The total market for all cryptocurrency stood near $3 trillion last year, it has since cratered to below $1 trillion. Source