Three Arrows Capital Files For Bankruptcy: Report

[Markuri33]

The bear market has mauled yet another high-flying crypto firm.Crypto investment firm Three Arrows Capital, also known as 3AC, filed for Chapter 15 Bankruptcy Friday, Bloomberg has reported.

While not unexpected, the news brings an ignominious end to the prominent, decade-old firm that managed as much as $10 billion in assets as recently as March, according to blockchain analytics platform Nansen.The filing emerged hours after Voyager Digital suspended trading and withdrawals, citing unpaid loans to Three Arrows totalling $646 million. Voyager issued Three Arrows a notice of default on Monday.

On Wednesday, a court in the British Virgin Islands ordered the fund to liquidate due to an inability to pay off debt. And the Monetary Authority of Singapore reprimanded Three Arrows on Thursday for providing it with “false information” and being “misleading.more