DECRYPTION – The crypto hedge fund was to repay 15,250 bitcoins and $350 million to Voyager Digital by June 27.
The cryptocurrency crisis has claimed another victim. The investment fund Three Arrows Capital had to reimburse before June 27 a loan contracted with the broker Voyager Digital. The hedge fund finally finds itself in default of payment according to its creditor. He did not repay the $675 million borrowed in the form of 15,250 bitcoins and $350 million in USD Coin, a stable currency whose value is pegged to the dollar. The news is all the more embarrassing as “3AC” funds the crypto ecosystem to the tune of $10 billion. An environment that is already endangered by the economic situation. Its potential fall could then cause a destructive domino effect.
The disastrous situation of this Singaporean giant is the direct consequence of the poor health of the cryptocurrency market. It was particularly exposed to variations in two values. First, the stablecoin Terra USD, which lost 50% in one day during May; then the collapse…