News View Non-AMP

British Virgin Island Orders Liquidation For Three Arrow Capital: Reports

Published by
Qadir AK

According to Sky News reports, the British Virgin Islands has ordered cryptocurrency hedge fund firm Three Arrows Capital (3AC) bankrupt. This move will worsen the crypto space’s instability.

As per the allegation, associates from Teneo Restructuring in the British Virgin Islands have also been connected to managing the Singapore-based company’s bankruptcy. Recently at the start of this week, Voyager Digital announced that it had served a consent order on Three Arrows Capital.

According to the company, one of its subsidiaries sent 3AC a refusal warning for failing to pay off a debt. The debt contains 15,250 Bitcoin and $350 million in USDC, totaling approximately $660 million.

According to the study, insolvency might be a turning point for the fast-developing crypto industry’s future. Nevertheless, the initial financial consequences for Three Arrows’ creditors were unknown.

As per the previous reports, the Three Arrows Capital’s investments were quickly liquidated by crypto exchanges FTX, Deribit, and BitMEX.

Did Three Arrows Company Use Trader’s Money To Hold UST?

The failure of LUNA and UST in May has triggered a catastrophic scenario for Three Arrows company. The organization is claimed to have purchased capital from investors and invested them in the anchor protocol.

There is widespread criticism that Three Arrows neglected to notify traders of their UST holdings. The firm is accused of using counter-party money to develop a massive UST holding in anchor protocol.

So, what are your views? How bad will this update impact the broader crypto market?

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Stablecoins Associated with First Digital Trust (FDT) Temporarily Depegs as Justin Sun Warns of Company’s Insolvency

In a surprising turn of events, Justin Sun, a prominent figure within the Tron (TRX)…

April 2, 2025

Trump Tariffs Live: Bitcoin Price Rallies To $87000 On ‘Liberation Day’

Cryptocurrency markets are experiencing fluctuations as traders brace for President Donald Trump's "Liberation Day" announcement,…

April 2, 2025

Grayscale Announces Launch of Two New Bitcoin ETFs: Here’s What They Are

Grayscale, a leading crypto asset manager, has introduced two new Bitcoin ETFs, offering a fresh…

April 2, 2025

Remember This Name! Remittix Presale Becomes the Top Predicted of 2025 as Project Raises Almost $15M in Record Time

In a year marked by conservatism and a sentiment shift in crypto, one name is…

April 2, 2025

Has Elon Musk Forgotten About Dogecoin (DOGE)?

Particularly for Dogecoin (DOGE), Elon Musk, the billionaire entrepreneur CEO of Tesla and SpaceX, has…

April 2, 2025

Shiba Inu Drops 9%, but RUVI AI’s (RUVI) Token Might Be the Meme Coin Killer as Investors Rush to Claim their Bonus

The cryptocurrency market is no stranger to ups and downs, and this week, Shiba Inu…

April 2, 2025