Report post

Will blockchain com lose $270 million from lending to three arrows capital?

Blockchain.com “remains liquid, solvent and our customers will not be impacted,” wrote CEO Peter Smith in a letter to shareholders. Cryptocurrency exchange Blockchain.com stands to lose $270 million from lending to Three Arrows Capital, the over-leveraged hedge fund now the subject to a liquidation order in the British Virgin Islands.

Is three arrows capital insolvent?

Blockchain.com CEO Peter Smith said in a letter to shareholders that Three Arrows Capital ( 3AC ), the over-leveraged hedge fund that is now subject to a liquidation, "is rapidly becoming insolvent and the default impact is approximately [USD] 270 million worth of cryptocurrency and US dollar loans from Blockchain.com," according to Coindesk.

Who is the CEO of blockchain?

Writing on the company's website, CEO Mr Smith said: 'Since 2011, the Blockchain.com team has been heads down, relentlessly focused on building a company at the intersection of cryptocurrency, institutions, and (most importantly) people around the world.

Is blockchain a bankrupt company?

However, he states that the company remains liquid and solvent, and its customer will not be affected by the loss. Blockchain.com CEO, Peter Smith, has revealed that the crypto exchange faces a potential $270 million loss on loans it gave to the possibly bankrupt Three Arrows Capital hedge fund.

Related articles

Canadian Authorities Initiate New Project to Combat Crypto Fraud

Canadian Authorities Initiate New Project to Combat Crypto Fraud2024-09-06 09:48:40The Alberta Securities Commission (ASC) has collaborate […]

Canadian Crypto Exchanges Faces Deadline For CIRO Membership

Canadian Crypto Exchanges Faces Deadline For CIRO Membership2024-08-06 23:33:50Canadian crypto exchanges face a looming deadline to comply with new regulations, specifically CIRO membership. With the crypto deadline approaching, exchanges are scrambling to adapt and ensure regulatory compliance. The question arises: are Canadian exchanges urgently pursuing regulatory compliance? This article explores the challenges and opportunities facing Canadian crypto exchanges as they navigate the changing regulatory landscape.

Best Ethereum ETFs In Canada For 2024

Best Ethereum ETFs In Canada For 20242024-08-01 02:52:21Discover the top Ethereum ETFs in Canada for 2024, including a comprehensive guide on what Ethereum ETFs are and how they work. Learn about the evolving investments in Ether ETFs like ETHR and CI Galaxy’s ETHX, as well as the purpose and benefits of investing in ETHH. Stay ahead of the curve with our curated list of top Ethereum ETFs for Canadian investors.

Canadian Tribunal Strikes Down Bitfarms’ Poison Pill Against Riot Platforms

Canadian Tribunal Strikes Down Bitfarms’ Poison Pill Against Riot Platforms2024-07-25 15:35:16On Wednesday, Bitcoin mining firm Riot Platforms announ […]

Solana ETFs Could Be Approved Without CME Futures: SOL Price Prediction

Solana ETFs Could Be Approved Without CME Futures: SOL Price Prediction2024-07-21 22:57:17Solana ETFs’ approval prospects and SOL price predictions are gaining momentum, with investors speculating on the potential impact of these funds on SOL’s growth. The outlook is being closely watched, especially during U.S. elections, as market sentiment could shift. While CME futures are not yet a necessity, the ETF approval may serve as a significant catalyst for SOL’s price movement. Stay tuned for updates on this developing trend.

The World's Leading Crypto Trading Platform

Get my welcome gifts