Billions of dollars of value have been wiped off the cryptocurrency market in the last few weeks. Companies in the industry are feeling the pain. Lending and trading firms are facing a liquidity crisis and many firms have announced layoffs.
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Major cryptocurrency hedge fund Three Arrows Capital has fallen into liquidation, a person with knowledge of the matter told CNBC, marking one of the biggest casualties of the latest so-called “crypto winter.”
Teneo has been brought on board in the last few days to deal with the liquidation process, the person, who requested anonymity because they were not authorized to discuss the matter publicly, said.
Sky News first reported the liquidation story.
Three Arrows Capital, or 3AC as it is also known, did not respond to a request for comment when contacted by CNBC.
Teneo is in the very early stages of the liquidation process, the person said. The restructuring firm is taking steps to realize the...
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