BlockFi “Tacitly Admits” Has Liquidated Three Arrows Capital’s Assets

BlockFi implicitly admitted to liquidating the assets of Three Arrows Capital (3AC). 3AC continues to release stETH, causing the stETH/ETH on Curve to slide.

BlockFi has liquidated the assets of Three Arrows Capital

On the morning of June 17, the Financial Times reported that BlockFi, a large lending and credit unit in the cryptocurrency industry (similar to Celsius), is one of the organizations that have liquidated Bitcoin assets that have been replaced by Three Arrows Capital. collateral for a loan but was unable to meet the margin call requirement, but did not provide a specific number. According to some rumors, 3AC is in danger of liquidating up to $400 million in collateral across various platforms.

The BlockFi CEO also “implicitly acknowledged” the above information through a series of Twitter posts, and affirmed that his company is still safe despite the recent fluctuations in the market.

BlockFi is currently one of the lending institutions that is said to be able to suffer a “chain” impact from the recent collapse of Celsius and the latest is Three Arrows Capital, along with competitors in this business such as Nexo, Finblox.

In related developments, Three Arrows Capital on the morning of June 17 sold all of the remaining 19,600 stETH in its wallet, raising $ 19.5 million. Thus, since June 14, 3AC has sold a total of about 75,600 stETH

The rate of stETH to ETH on Curve on the morning of June 17 is falling to 0.9367.

On the evening of June 16, Finblox, a deposit and interest payment platform for users, said on the evening of June 16 that it would suspend deposit bonus payments, reduce withdrawal limits, postpone referral and deposit bonuses, as well as block create assets for new users. The reason given by Finblox is because of the impact of Three Arrows Capital having financial difficulties. Finblox revealed that 3AC is one of the main investors in the project and uses Finblox’s money to make profitable investments.

In addition, the address that is mortgaging 211,000 ETH has been corrected and is not the wallet of Three Arrows Capital.

Three Arrows Capital has so far not released any new updates on the fund’s situation.

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.

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