After several days of intense discussions and rumors circulating about insolvency at major crypto hedge fund Three Arrows Capital (3AC), more details about the financial exposure other companies in the space have had to the hedge fund have emerged, with crypto lender BlockFi being named as one counterparty affected.
3AC itself said they have hired legal and financial advisers to help work out a solution for its investors and lenders, and the fund is considering selling assets, a bailout, the Wall Street Journal reported, citing Co-founder Kyle Davies. "We are committed to working things out and finding an equitable solution for all our constituent," he was quoted as saying.
Meanwhile, according to a Financial Times report, 3AC has failed to meet margin calls from several crypto lenders in recent days. Citing “people familiar with the matter,” the report said these lenders included BlockFi, which was said to have liquidated “at least some” of Three Arrows Capital’s positions.
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