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The process is in its early stages, sources added. The main goal of traders is to ensure that they protect the company's assets. It is expected that a website will be launched soon to deal with creditors' complaints, sources said.

Great Impact

The announcement, which was really expected after the company did not pay deadlines this week, sounded like a thunderstorm in the small crypto industry. The prices of cryptocurrensets, most of which are natural, are rapidly affected. Bitcoin, which was able to stabilize, fell more than 1% in the last 24 hours to $ 20,067.62, while Ether, the second-largest digital currency by market cap, fell 4.1% to $ 20,067.62. $ 1,095.14, according to data company CoinGecko.

Most of the cryptocurrencies connected to financial protocols (DeFi) - Cardano, Solana, Avalanche, Polkadot -, the main rival of asset banks, have fallen sharply.

The 3AC debacle is likely to have significant implications for the crypto industry. Companies that have borrowed money from the hedge fund, including Voyager Digital (VYGVF) - Get Voyager Digital Ltd Report and fintech BlockFi, may face liquidity problems.

3AC failed to borrow a loan of more than $ 670 million, after exposing Luna to $ 200 million. Sisters Luna and UST tokens, or TerraUSD, for the Terra ecosystem have collapsed, resulting in the disappearance of at least $ 55 billion. Basically, 3AC lost most of its exposure to Luna and recently missed out on margin calls, which means it has not been able to come up with what it owes to its lenders.

"The Terra-Luna situation has caught us by surprise," 3AC founder Kyle Davies said.

Voyager Digital and the powerful BlockFi, which has borrowed large sums of money from 3AC, have had to go to pricing company Alameda Ventures to obtain bail to avoid panic.

Voyager Digital "has reached the US $ 75 million credit line created by Alameda and can continue to use Alameda's resources to facilitate customer orders and withdrawals, as needed," the company said.

Voyager Digital reduced market capitalization from $ 3 billion in November to $ 106.92 million on June 29.

Will Other Companies Apply for Dismissal?

If it is difficult to predict the future of the company - will it apply for liquidation? - but one might wonder about the future of his rival Celsius Network. The lender has actually suspended the withdrawal of funds from his position since June 12. Since then, investors and lenders have had no issues. Celsius is currently exploring its options despite rumors betting heavily on future filing.

Apart from Celsius, there are other companies, including cryptocurrency trading, that are experiencing liquidity difficulties.

"There is a third-party trade that is already privately owned," billionaire Sam Bankman-Fried told Forbes. Bankman-Fried, CEO of crypto exchange, did not comment.

The young businessman recently acquired 7.6% stake in RobinHood (HOOD) - Get Robinhood Markets Inc. Report, which is in dire financial straits. On June 27 rumors surfaced that Bankman-Fried could take over the reins of the business.

But in an interview with Forbes, the young businessman denies any effective negotiations with Robinhood.

Source: yahoo

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