Crypto venture, 3AC also known as Three Arrows Capital is facing more uncertainty amid new reports on the company’s liquidation.
3AC had earlier been issued a notice of default by Voyager Digital. This was due to its failure to pay its 15,250 Bitcoin and 350 million USDC loan.
On the same day, a court in British Virgins Island has ordered the liquidation of the Singapore-based crypto firm. According to Cointelegraph, the company failed to meet margin calls from its lenders amid a massive market downturn this year.
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3AC reportedly borrowed BTC From crypto lending firm BlockFi but was unable to meet a margin call due to the bear market. The VC firm was estimated to incur $400 million in liquidations across multiple positions.
Meanwhile, the company’s founders, Kyle Davies and Su Zhu have reassured customers that they will do their best to find an equitable solution. They have reportedly hired legal and financial advisers to explore solutions. This include asset sales and a rescue package by another firm.
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