Voyager issues a notice to liquidate 3Ac as they fail to pay their loan of 15,250 bitcoins and 350M in USDC.
As news is coming that 3ac (Three Arrows capital) are in trouble due to their high leverage trades. A British court on Virgin island on Tuesday gives an order to liquidate 3AC. This was reported by Sky News.
3AC (Three Arrows Capital) is based in Singapore and it’s a hedge fund that was founded by two friends Kyle Davis & Su Zhu in 2012. Unfortunately, they failed to meet their margin calls. Bitcoin drops below $20k for the first time in the last 3 years. 3AC borrowed Btc from lending platform BlockiFi but unfortunately, they were unable to manage their margin calls because of this bear market.
According to VC firm ruff estimates its $400 million in liquidation in multiple positions. According to different reports and social media sentiments showing that there are many rumors about 3AC that the 3AC founder trying to assure their customers that they are finding an equitable solution.
They are saying that they had hired legal & financial advisors to get solutions like asset sales & rescue packages by other firms and they said we always support crypto and we were strong believers of crypto and we will. This news comes after the court’s decision against 3AC to liquidate them because of their failure to pay their loan of 15,250 BTC & 350M in USDC coins.