Friday, January 27, 2023

Three Arrows Capital became the victim of the fall in the crypto market

The steep fall in the crypto market for the past several weeks has had a major impact on the firms belonging to this segment. The crypto hedge fund Three Arrows Capital is getting liquidated because of this. The Singapore-based firm was hit hard by a massive selloff in the crypto market in recent months.

of Reuters Report According to reports, crypto brokerage firm Voyager Digital served a default notice to Three Arrows Capital earlier this week for failing to pay a loan of approximately 15,250 bitcoin and approximately $350 million worth of stablecoin USDC. A court in the British Virgin Islands has ordered the liquidation of Three Arrows Capital. Consultancy firm Teneo has been appointed as the liquidator. The value of Bitcoin, the largest cryptocurrency by market capitalization, declined by nearly 37 percent in June. The price of bitcoin was around $20,000 on Wednesday. In November last year, it touched an all-time high of around $69,000.

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The liquidation report of Three Arrows Capital came on Wednesday. Recently, the co-founder of the firm had said in a tweet about liquidation speculation that the firm was committed to resolve it. When contacted for comment, the firm did not respond.

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Due to the slowdown in the crypto market, many firms in this segment are cutting their workforce to reduce costs. Coinbase, one of the major crypto exchanges, also recently decided to reduce its workforce by 18 percent. Headquartered in the US, the firm says that it has taken this step to cut costs in this difficult period of the industry. The decision is expected to result in layoffs of over 1,000 employees of the exchange. Earlier crypto trading and lending platform BlockFi announced the removal of around 200 employees and crypto exchange about 260 employees. Both these firms have given similar reasons for reducing the workforce. The market capitalization of crypto has come down to below $1 trillion.

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Cryptocurrency prices in Indian exchanges

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