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Three Arrows Capital on the brink of default

Edition #23 - 24 JUNE 2022

One of the largest crypto hedgefunds faces liquidation amidst the ongoing liquidity crunch as Voyager Digital seeks to recover $657 million of loaned cash and BTC assets by June 27th. Voyager is “unable to assess the amount it will be able to recover from 3AC” as it considers issuing a default notice.

gaming developments

metaverses & Adoption

  • Solana’s developers unveil a web3-focused Android mobile phone;

  • Binance signs Cristiano Ronaldo in an exclusive partnership to release multiple collections on Binance NFT;

  • E-commerce giant eBay acquires KnownOrigin, one of the top NFT marketplaces for an undisclosed fee;

  • First short bitcoin ETF by ProShares preparing to list on New York stock exchange.


  • Solana-native lender Solend votes to impose account borrow limit to $50 million, temporarily reduce the maximum liquidation close factor from 20% to 1%;

  • Moody’s downgrades Coinbase’s debt amongst profitability concerns, puts Coinbase under review for further downgrades;

  • Tether is launching a British pound-pegged stablecoin GBPT, joining USDT, EURT, CHNT, and MXNT as Tether’s fifth stablecoin tied to a fiat currency;

  • Crypto exchange CoinFLEX halts withdrawals, citing ‘extreme market conditions’ and “uncertainty” about an unnamed counterparty;

  • Tether to undertake full audit by a top 12 firm for transparency over USDT reserves;

  • Tron’s USDD stablecoin remains depegged, briefly hits 92 cents on the dollar.

funding rounds

  • FalconX, a digital asset trading platform for institutional investors, raised $150 million Series D at $8 billion valuation. The round was led by GIC and B Capital;

  • Cryptoys, an NFT platform for kids, has closed its $23 million Series A this week led by a16z;

  • Prime Trust, a financial infrastructure provider, has raised over $100 million in a Series B round, with participation from FIS, Fin Capital, Kraken and Commerce Ventures, amongst others;

  • BlockFi, a leading crypto lender, has secured $250 million of debt financing in the form of a revolving credit line from FTX.


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