The Blockchain.com exchange and cryptocurrency wallet provider could lose $270 million, previously lent to the hedge fund Three Arrows Capital. CoinDesk reports this.<\/p>\n
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\n“Three Arrows is rapidly becoming insolvent. The default affects assets valued at $270 million \u2014 cryptocurrencies and USD-denominated loans from Blockchain.com,” the letter to shareholders, obtained by the publication, states.<\/p>\n<\/blockquote>\n
The CEO of Blockchain.com, Peter Smith, noted that over the past four years Three Arrows Capital has borrowed and repaid cryptocurrency loans totaling more than $700 million.<\/p>\n
He also stressed that the exchange remains liquid and solvent, and that the situation will not affect users.<\/p>\n
A source familiar with Blockchain.com’s finances told the publication that the company has enough resources to cope with the losses.<\/p>\n
According to Nansen, founded by Su Zhu and Kyle Davies in 2012, Three Arrows Capital (3AC) managed about $10 billion in assets. Against the backdrop of the collapse of the cryptocurrency market<\/a> and the Terra crash<\/a>, there was information about the insolvency of 3AC<\/a>.<\/p>\n
Earlier, Blockchain.com and the Deribit platform called for the liquidation of Three Arrows Capital. The latter filed for bankruptcy.<\/p>\n