Thread by @kyle_chasse

#ThreeArrowsCapital Has Defaulted On a $670 Million Loan

#3AC Is One Of Crypto's Most Prominent Hedge Funds & This Has a MAJOR Knock-On Effect 👇🧵

1/ #VoyagerDigital announced on Monday:

#3AC Failed to pay back 👇

- $350 million in $USDC
- 15,250 #BTC

The total amount stands at more than $670 million

prnewswire.com/news-releases/…

2/ Weeks of turmoil & negative price action have increased pressure tremendously & a number of reputable leading blockchain groups have started to buckle under the pressure..

The media narrative makes it seem like insolvency is on the horizon for #3AC

Other signs include..👇

3/ Last week, #VoyagerDigital received $500 million in financing from SBF's Alameda Research & this comes after Voyager had already taken $15 million in its credit line

Furthermore, the founders of #3AC went MIA for a couple of days too 🤯👇

4/ Zhu was on a mini-hiatus of sorts but returned to crypto twitter to assure his followers that #3AC was 'fully committed to working this out'

The knock-on effect can clearly be seen bc #3AC is a major player on a lot of exchanges balance sheets... 🚨

5/ Essentially, #3AC ''ghosted'' when it came time to pay up bc they were leveraged long & when they were margin-called... 👻

Some Major Platforms That Have Taken Measures Already:

#Voyager
#BlockFi
#finblox

6/ #3AC has a massive reach and still has assets on various platforms.. If these assets aren't frozen and they get dumped to save 3AC from insolvency.. We're likely to see another nasty crash

Remember if your crypto is on exchanges, you don't have control of it 🔑