3AC Crypto Hedge Fund Goes Under, FTX’s Sam Bankman Lends Support To Some Affected Firms

The liquidation of 3AC crypto hedge fund is expected to cause ripple effects in the industry since they dealt with lots of crypto exchanges and trading firms. Hence FTX’s founder has offered to lend support to those companies.

Outlook Money Team

Updated on: 30 June 2022 9:01 am

FTX, a US based crypto exchange

Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, has been ordered by a court in the British Virgin Islands to go into liquidation. Apart from this crypto broker Voyager Digital also issued a default notice after 3AC failed to make payments on a loan of 15,250 Bitcoin (BTC) and $350 million USDC, a crypto blockchain stablecoin, reported Reuters.

Sam Bankman-Fried, founder, FTX, a US-based crypto exchange, said in an interview with Forbes that they had given some crypto firms who suffered due to 3AC liquidation a line of credit worth $750 million. But assuming the nature of these events it's highly doubtful he will ever get his money back. “You know, we're willing to do a somewhat bad deal here, if that's what it takes to sort of stabilise things and protect customers,” he added.

EXCLUSIVE: After throwing lifelines to troubled digital currency platforms BlockFi and Voyager Digital, @SBF_FTX, the 30-year-old billionaire founder of FTX, warns that some crypto exchanges will soon fail: by @Steven_Ehrlich https://t.co/j5q8h3I0ko
— Forbes Crypto (@ForbesCrypto) June 28, 2022

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Cryptocurrency Prices

The global crypto market capitalisation went down by 2.15 per cent to $891.61 billion as of 8.30 am. However, the global crypto volume was up by 11.03 per cent to $62.59 billion, as per Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $20,067.08, lower by 1.44 per cent in the last 24 hours. Ethereum (ETH) was down by 4.97 per cent to $1,093.90.

Among other significant coins, Cardano (ADA) was down by 2.47 per cent at $0.4629, Algorand (ALGO) was trading with a loss of 4.66 per cent at $0.3002, Solana (SOL) was trading with a loss of 7.35 per cent at $32.97, Polkadot (DOT) was down by 6.26 per cent at $6.96, and Binance Coin (BNB) was down by 4.2 per cent at $219.38.

Today’s top gainer was MetaversePay (MVP), which was up by 932.98 per cent at $0.000003196. The top loser was Bitsubishi (BITSU), which was down by 91.67 per cent at $347.77.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 1.63 per cent at $0.06838. Its volume to market cap ratio stands at 0.06694. Rival Shiba Inu (SHIB) was up by 0.67 per cent at $0.00001025.

Dogelon Mars (ELON) lost 3.14 per cent to trade at $0.0000003197, Floki Inu (FLOKI) lost 2.07 per cent at $0.000005589, and Samoyed Coin (SAMO) lost 3.13 per cent at $0.007167.

In the DeFi segment, YFI (yearn.finance) was down by 4.72 per cent at $5,440.99, and Terra Classic (LUNC) was trading with a gain of 27.24 per cent at $0.0001589. Avalanche (AVAX) was down by 6.16 per cent at $17.31, Aave (AAVE) fell by 4.61 per cent at $58.26, and Uniswap (UNI) was trading with a gain of 1.04 per cent at $5.03.