Crypto hedge fund Three Arrows Capital (3AC) has entered liquidation, a person familiar with the matter told Reuters on Wednesday, in the latest sign of the market downturn hurting the crypto industry.
Singapore-based 3AC is one of the higher profile crypto investors to have run into difficulties following the sharp sell-off in the market for digital currencies seen in recent months.
Crypto broker Voyager Digital issued 3AC with a default notice on Monday after it failed to make payments on a loan of 15,250 bitcoin (approximately $324 million) and $350 million worth of USDC, a stablecoin.
A British Virgin Islands court order also dated on Monday ordered 3AC’s liquidation.
Consultancy firm Teneo have been appointed as liquidators.
Top cryptocurrency bitcoin has plunged some 37% in June, trading around $20,000 on Wednesday, compared with its all-time high of $69,000 in November 2021.
News of 3AC’s liquidation was first reported by broadcaster Sky on Wednesday.
On June 15, 3AC’s co-founder sought to address liquidation rumours in a tweet, saying the company was “fully committed to working this out”, without going into further detail.
3AC did not immediately respond to a request for comment.
(Reporting by Elizabeth Howcroft, editing by Sinead Cruise)
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