07-11-2022, 03:37 PM
Blockchain.com May Lose $270 Million over Its Loans to 3AC
<p>Blockchain.com, a popular crypto exchange may end up losing $270 million over its loans to Three Arrows Capital (3AC). </p><p>3AC filed for Chapter 15 following the bearish turbulence in the cryptocurrency markets. Peter Smith, Blockchain.com Chief Executive Officer (CEO) revealed the $270 million (approx.) loss in a latter to shareholders according to Reuters: "Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com."</p><p>Smith added that the firm is exploring various methods to recover from the loss.</p>Sun and CZ to the Rescue<p>Justin Sun, the Founder of TRON DAO (previously known as TRON Foundation) said that he as well as TRON are prepared to assist struggling crypto companies.</p><p>Sun and TRON are willing to spend up to $5 billion rescuing companies in the crypto industry. Additionally, he revealed that TRON has approached an investment bank (name undisclosed) to assist them in future deals.</p><p>The main interests are companies with a large userbase in CeFi and DeFi platforms.</p><p>In addition, Binance is active in bailing out companies. Towards the end of June 2022, it was suggested that at least 50 struggling companies turned to CZ for assistance.</p><p>In a podcast for Decrypt, CZ hinted that Binance is looking into a high number of deals:</p><p>"Many companies are short on money, that doesn’t mean most of them are bad companies... some companies make minor mistakes their first time going through a bear market, they have good products, good teams, so we just gotta help them out a bit. </p><p>"And, those things we are perfectly willing to do. And, we’re looking at a high number of deals like that... And, some of them are actually good deals. So, I think you will see that we will be investing, bailing out, saving multiple projects."</p>KuCoin's CEO Denies Social Media Rumors<p>There were speculations that originated from an anonymous Twitter account that KuCoin may be the next exchange to become insolvent. KuCoin's CEO was forced to respond, denying the rumors.</p><p>He added that KuCoin raised $150 million in May with a $10 billion valuation, KuCoin is among several companies that are continuing to hire and launch new products in a bear market.</p><p>The 2022 H1 report will be transparent and shed light on the company's operations.</p>
This article was written by Matti Williamson at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...ns-to-3ac/
<p>Blockchain.com, a popular crypto exchange may end up losing $270 million over its loans to Three Arrows Capital (3AC). </p><p>3AC filed for Chapter 15 following the bearish turbulence in the cryptocurrency markets. Peter Smith, Blockchain.com Chief Executive Officer (CEO) revealed the $270 million (approx.) loss in a latter to shareholders according to Reuters: "Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com."</p><p>Smith added that the firm is exploring various methods to recover from the loss.</p>Sun and CZ to the Rescue<p>Justin Sun, the Founder of TRON DAO (previously known as TRON Foundation) said that he as well as TRON are prepared to assist struggling crypto companies.</p><p>Sun and TRON are willing to spend up to $5 billion rescuing companies in the crypto industry. Additionally, he revealed that TRON has approached an investment bank (name undisclosed) to assist them in future deals.</p><p>The main interests are companies with a large userbase in CeFi and DeFi platforms.</p><p>In addition, Binance is active in bailing out companies. Towards the end of June 2022, it was suggested that at least 50 struggling companies turned to CZ for assistance.</p><p>In a podcast for Decrypt, CZ hinted that Binance is looking into a high number of deals:</p><p>"Many companies are short on money, that doesn’t mean most of them are bad companies... some companies make minor mistakes their first time going through a bear market, they have good products, good teams, so we just gotta help them out a bit. </p><p>"And, those things we are perfectly willing to do. And, we’re looking at a high number of deals like that... And, some of them are actually good deals. So, I think you will see that we will be investing, bailing out, saving multiple projects."</p>KuCoin's CEO Denies Social Media Rumors<p>There were speculations that originated from an anonymous Twitter account that KuCoin may be the next exchange to become insolvent. KuCoin's CEO was forced to respond, denying the rumors.</p><p>He added that KuCoin raised $150 million in May with a $10 billion valuation, KuCoin is among several companies that are continuing to hire and launch new products in a bear market.</p><p>The 2022 H1 report will be transparent and shed light on the company's operations.</p>
This article was written by Matti Williamson at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...ns-to-3ac/