The “bloodbath” in the cryptocurrency sector may claim another victim, with the co-founder of multibillion dollar hedge fund Three Arrows Capital using Twitter in an attempt to battle rumours that the company is insolvent following the market collapse.
With a net asset value of $18bn (14.9bn) in its last public statement, the Singapore-based hedge fund was known for taking large, highly leveraged stakes in crypto businesses and cryptocurrencies directly. It holds positions in cryptocurrencies including bitcoin, Ethereum and Solana, as well as equity investments in companies such as the BlockFi exchange and options trading platform Deribit.
The turmoil in the crypto markets has substantially reduced the value of those holdingsand wiped out some other stakes the fund, known as 3AC, has taken, including in doomed “algorithmic stablecoin” project Terra and “play-to-earn” game Axie Infinity, which was the victim of a $700m hack late last year, attributed to North Korean state-sponsored...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...