00:00Welcome back to Decentralized News. So in today's video, we are looking at, well, another company in the crypto industry that has had exposure to Three Arrows Capital, Blockchain.com.
00:15This time comes out sort of acknowledging the fact that they could face a 270 million hit on loans made to Three Arrows Capital, which is the hedge fund that has become insolvent of late.
00:35Blockchain.com itself remaining liquid, solvent and allowing customers to carry on as business as usual and saying that customers would not be affected.
00:49This is something that the CEO, Peter Smith, said in a letter to their shareholders.
00:56So the cryptocurrency exchange, Blockchain.com, is sort of likely to lose 270 million from lending to Three Arrows Capital, the over leveraged hedge fund, which is now subject to liquidation or to a liquidation order in the British Virgin Islands.
01:17They said that Three Arrows Capital is rapidly becoming insolvent and the default impact is approximately 270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com, according to Peter Smith.
01:35And this is the CEO.
02:05700 million worth of cryptocurrency in the four years that the firm had been a counterparty of Blockchain.com.
02:15And Smith also emphasized that Blockchain.com remains liquid, solvent and customers are not going to get impacted.
02:24So, yeah, this is just about a week ago when we saw Blockchain.com and also Derivatives Exchange, Deribit reported to be among the creditors that pushed for the liquidation of Three Arrows, also known as 3AC, according to a Bloomberg News report.
02:45So, yeah, you know, 3AC is said to have been, you know, kind of defrauding the industry.
02:54And, you know, these creditors are saying that they wanted to hold those guys accountable.
03:01But Blockchain.com itself was founded back in 2011.
03:04It's really a company that has evolved with the space over time.
03:10Most people still using the Explorer, their wallets, the exchange.
03:17And, yeah, you know, this is a Luxembourg based firm and also one of the first ones to sort of do big sponsorships.
03:28You saw them sponsor Dallas Cowboys in the National Football League in the U.S. and so forth.
03:34So, if you want to check out a full review of our Blockchain.com, we have that on our main site.
03:41Go to Decentralized.News.
03:43Otherwise, don't forget to give us a like and share and subscribe.
03:46Let me know what you think about this ongoing debacle around Three Arrows Capital and a few other crypto firms going in solvent.
Be the first to comment