Genesis Reaches $1 Billion Settlement With Bankrupt Hedge Fund 3AC
In a recent development, bankrupt crypto lender Genesis has settled with defunct crypto hedge fund Three Arrows Capital (3AC), ending a months-long legal battle. According to court documents, Genesis will pay $33 million to resolve the more than $1 billion in claims asserted by 3AC against the Genesis Debtors. Genesis Resolves Dispute With 3AC The […]
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Reports indicate that the bankrupt crypto hedge fund Three Arrows Capital (3AC) is facing more trouble from liquidators and financial authorities from the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The whereabouts of the hedge fund’s co-founders Su Zhu and Kyle Davis are still unknown and the court-appointed liquidator plans to leverage unorthodox means to send the two co-founders a subpoena. 3AC Is Allegedly Under Investigation by US Regulatory Watchdogs The co-founders from the troubled crypto hedge fund Three Arrows Capital (3AC)....
Failed crypto hedge fund Three Arrows Capital (3AC) has been in the spotlight because it has defaulted on debt obligations for multiple companies in the crypto space. As a consequence, big players in the space collapsed following 3AC into insolvency. Related Reading | Coinbase Rumors Going Insolvent Grow – Here’s What People Are Saying The crypto […]
Bankrupt crypto lender Genesis Global Capital has secured court approval to commence its $3 billion repayment plan to its creditors. The decision comes with revelations that Genesis’s parent company Digital Currency Group (DCG) will be recovering no value from the bankruptcy payout plan. Related Reading: Genesis Faces $21 Million Penalty As SEC Charges Are Settled= […]
3AC downfall has led to a multi-billion dollar cascade that has claimed the likes of Celsius, Voyager and many other crypto lending firms with exposure to the hedge fund. Three Arrow Capital (3AC), a Singapore-based crypto hedge fund that at one point managed over $10 billion worth of assets, became one of the many crypto firms that went bankrupt in this bear market. However, the fall of 3AC wasn’t purely a market-driven phenomenon. As more information surfaced, the collapse looked more like a self-inflicted crisis brought upon by an unchecked decision-making process.To put it concisely,....
Crypto lender Genesis provided $5.2 billion in new loans in the third quarter of 2020, more than double its previous record of $2.2 billion in the preceding quarter. Issued to corporate borrowers such as hedge funds and trading firms, the loans are mainly denominated in bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and cash. According to the U.S. company’s Q3 Digital Asset Report shared with news.Bitcoin.com on Oct. 30, Genesis grew its active loans outstanding 50% to $2.1 billion from $1.4 billion in the second quarter. Altogether, Genesis has processed a total of $13.6 billion....