Blockchain.com Is At Risk Of Losing $270M To Three Arrows Capital

Blockchain.com finally announced its damages for its association with Three Arrows Capital, after asking the investment fund to liquidate assets.

Cryptocurrency wallet and exchange platform Blockchain.com, one of the oldest companies in the cryptocurrency industry because it was founded in 2011, is in danger of losing its entire $270 million loan for investment funds Three Arrows Capital, according to newly released information.

“Three Arrows Capital is in danger of default and is unable to repay a $270 million loan in crypto and cash provided by Blockchain.com.”

This platform’s CEO Peter Smith said in a letter to company shareholders

Blockchain.com customers will not be affected

Despite this, the CEO stated that Blockchain.com “still has sufficient liquidity and does not affect user funds”. Mr. Smith further revealed that during the 4 years of cooperation, Three Arrows Capital borrowed and paid over $700 million in cryptocurrency to this platform.

Last week, Blockchain.com and exchange Deribit themselves confirmed they were creditors of Three Arrows Capital, and asked the court in the British Virgin Islands, where the investment fund was founded, to issue a liquidation decision fund assets.

On July 2, Three Arrows Capital filed for bankruptcy protection with a New York court (USA) to ensure that the remaining assets will be distributed to creditors, instead of being caught up in other debts. a legal battle between entities to which the fund has financial obligations.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

Coincu News