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Blockchain.com, Deribit Among Creditors That Pushed for 3AC Liquidation: Report
Blockchain.com has also said it is cooperating with ongoing investigations into the hedge fund, which "defrauded the crypto industry."
Updated May 11, 2023, 6:48 p.m. Published Jul 1, 2022, 9:00 a.m.
Crypto exchanges Blockchain.com and Deribit were among the creditors to have pushed for the liquidation of troubled hedge fund Three Arrows Capital (3AC), Bloomberg reported on Friday.
- Blockchain.com has also said it is cooperating with ongoing investigations into the hedge fund, which "defrauded the crypto industry," the report said, citing a spokesperson.
- The liquidation of 3AC was ordered in a British Virgin Islands court earlier this week. New York-based Teneo Restructuring was called in to work with creditors and handle the insolvency.
- 3AC suffered heavy losses in the recent crash in the crypto markets, with the possibility of insolvency reported in mid-June after the firm incurred at least $400 million in liquidations.
- Crypto derivatives exchange Deribit was among those to liquidate 3AC's capital positions after the hedge fund failed to meet margin calls.
- “We believe Three Arrows Capital defrauded the crypto industry and intend to hold them accountable to the fullest extent of the law,” a Blockchain.com spokesperson said in a statement, according to Bloomberg's report. “We have filed for the immediate liquidation of all global assets of Three Arrows.”
- Blockchain.com, Deribit and 3AC did not immediately respond to CoinDesk's request for comment.
Read more: Genesis Faces ‘Hundreds of Millions’ in Losses as 3AC Exposure Swamps Crypto Lenders: Sources
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