Three Arrows Capital is reported to be facing potential insolvency issues, following liquidations totalling over $400M.
| June 15, 2022 | Read Online | BTC $21,218 – Crypto Hedge Fund Three Arrows Faces Potential Insolvency | Three Arrows Capital is reported to be facing potential insolvency issues, following liquidations totalling over $400M. |
| | | | 📈 30 Second Cryptocurrency Price Summary |
| Bitcoin tested the crucial $20,000 level overnight, being halted at a low of $20,084 as all eyes lie on support at the previous cycle's all-time high. |
| Top-20 altcoins continue to take a hit, as Ethereum falls 10%, BNB drops 6% and Cardano also sees a 6% decline over the last 24 hours. |
Top Stories for June 15, 2022 🔥 |
| Three Arrows Capital (3AC), a prominent crypto hedge fund, is reported to be facing potential insolvency issues following liquidations totalling more than $400 million. |
| According to multiple high-profile companies in the industry, 3AC is currently figuring out how to repay lenders and counter-parties, with co-founder Su Zhu recently posting a tweet conveying a similar message. |
| Zhu was a vocal crypto bull until late May, who was famed for his "supercycle" price thesis – the idea that crypto would never enter a significant downturn this market cycle. |
| Stablecoin company Tether has denied rumors that commercial paper reserves backing USDT are 85% Chinese or Asian-based. It also denies that it has lending exposure to Three Arrows Capital. |
| Tether's reserves have long been a concern to the wider crypto market, due to a lack of transparency. CTO Paolo Ardoino says the company is looking to reduce its commercial paper holdings to $8.4 billion by the end of June (from $30.8 billion last year). |
| Crypto exchange giant Binance is reportedly increasing its pace of hiring for "crypto winter," according to CEO Changpeng Zhao – a stark contrast to moves by other exchanges. |
| Zhao says they will leverage the quiet period to build, as crypto is still in its very early stages. Coinbase and Gemini recently announced cutting employee counts by 18% and 10%, respectively. |
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