Three Arrows Capital to Liquidate After Bitcoin Loan Defaults
— Half, Claims, 18 billion, Pay back, Singapore, Gizmodo reached, Crypto, End, Nearly worthless cryptocurrency luna, Crypto firms — 1 min read
3AC was ordered into liquidation by a Virgin Island court on Tuesday. The Singapore-based hedge fund once managed upwards of $18 billion in assets. 3AC failed to meet its margin calls from lenders earlier this month and defaulted on its loan from Voyager last week. A report claims 3AC’s founders “recklessly borrowed’ from lenders and used those loans to pay off the interest on loans issued by other lenders. The report also claims the hedge fund ran an “old-fashioned [Bernie] Madoff-style Ponzi scheme,” according to a report spotted by CoinDesk.3AC did not immediately respond to Gizmodo's request for comment. The firm plans to set up a website with instructions for creditors Source