Crypto hedge fund Three Arrows Capital (3AC) has entered liquidation, a person familiar with the matter told Reuters on Wednesday, in the latest sign of the market downturn hurting the crypto industry.
Singapore-basedis one of the higher profile crypto investors to have run into difficulties following the sharp sell-off in the market for digital currencies seen in recent months.
broker issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 (approximately $324 million or nearly Rs. 2,500 crore) and $350 million (nearly Rs. 2,800 crore) worth of USDC, a .
A British Virgin Islands court order also dated on Monday ordered 3AC’s liquidation.
Consultancy firmhave been appointed as liquidators.
Top cryptocurrency Bitcoin has plunged some 37 percent in June, trading around $20,000 (nearly Rs. 16 lakh) on Wednesday, compared with its all-time high of $69,000 (nearly Rs. 54 lakh) in November 2021.
On June 15, 3AC’s co-founder sought to address liquidation rumours in a tweet, saying the company was “fully committed to working this out”, without going into further detail.
3AC did not immediately respond to a request for comment.
Last year in November, in a Series A funding round, crypto exchange platform WOO Network$30 million (roughly Rs. 220 crore) from various investors, including Three Arrows Capital. A total of fourteen other venture capital firms participated in the round. The crypto startup WOO claims to offer deep liquidity and zero-fee trading to users on its .