Posted on 06/17/2022 1:14:28 AM PDT by markomalley
Three Arrows Capital failed to meet demands from lenders to stump up extra funds after its digital currency bets turned sour, tipping the prominent crypto hedge fund into a crisis that comes as a credit crunch grips the industry.
The group’s failure to meet margin calls this past weekend makes Three Arrows the latest victim of an acute fall in the prices of many tokens such as bitcoin and ether that is rippling across the market. Singapore-based Three Arrows is among the biggest and most active players in the crypto industry with investments across lending and trading platforms.
Lenders have sharply tightened up how much credit is on offer following tremors over the past month. Celsius, a major crypto financial services company, blocked withdrawals last week, while a pair of major tokens collapsed in May.
(Excerpt) Read more at ft.com ...
(Celsius, a major crypto financial services company, blocked withdrawals last week)
Uh oh...
I figured something was up when Google started pushing crypto in all sorts of Android phone games.
If it’s not tangible it’s worthless.
crypto isn't much different than the vast majority of global currencies. Value only needs needs to be perceived.
At least you could plant tulip bulbs.
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