Three Arrows Capital, the next crypto giant, falls
Three Arrows Capital has filed for bankruptcy.
Times are tough in the cryptocurrency world. And not every company is going to survive these tough times. For example, a well-known crypto lending company Three Arrows Capital (3AC) has filed for bankruptcy. Due to the declining market, the company was no longer able to remain liquid. Bloomberg reports about this.
Three Arrows Capital is an investment fund. However, due to the declining market, the capital of 3AC has also become worth less and less. The final blow came when they could no longer repay a debt. Both the company’s CEO and CFO have resigned.
These types of companies often do well in a rising market. Seems to be going less well in a declining market. As it turns out. Celsius Network has been in trouble for a while and Three Arrows Capital is no different. In the case of the latter, it has even gone bankrupt.
In the heyday of 3AC, they were responsible for a capital of about 10 billion dollars. The company is located in Singapore and founded by Zhu Su and Kyle Davies.
The market itself did not react harshly to the news. After all, it was already a bit coming. For now, Bitcoin continues to decline and is now dangling around $19,000 in value.
