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.


defi

  • 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.

 



Subscribe to Weekly Essentials



Recent Posts

See All

Edition #42 - 13 NOV 2022 Sam Bankman-Fried’s cryptocurrency exchange FTX has filed for Chapter 11 bankruptcy protection in the U.S., according to a company statement posted on Twitter, followed by r

Edition #41 - 04 NOV 2022 In the largest jump in 33 years, England is trying to bring soaring inflation under control by dramatically increasing the cost of borrowing money. The Bank of England’s ban