Crypto hedge fund collapses

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And you thought you were having a bad year...

From $10 billion to zero: How a crypto hedge fund collapsed and dragged many investors down with it

The bankruptcy filing from Three Arrows Capital (3AC) triggered a downward spiral that wrapped in many crypto investors.

The hedge fund failed to meet margin calls from its lenders.

“3AC was supposed to be the adult in the room,” said Nik Bhatia, professor of finance and business economics at the University of Southern California.
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https://www.cnbc.com/2022/07/11/how...ows-or-3ac-dragged-down-crypto-investors.html
 
Oh I hope someone turns this whole debacle into an in depth podcast. Nothing like a good 'take the money and run' tale. Especially on this scale. Not sure what they were left by the end but it said 3AC was managing as much as $10 billion of assets as early as March. Fortunately for them their assets were mostly composed of cryptocurrencies and NFTs, which I imagine is a bit easy to liquidate and disguise over something like real estate.
 
Also buried in that article - blockchain.com is facing a $270M loss from their loans to 3AC. It's fun to watch the collateral damage. The more I read, the more I realize crypto, specifically defi with their 10%+ interest rates were a mass fraud.

https://www.coindesk.com/business/2022/07/08/crypto-exchange-blockchaincom-faces-250m-hit-on-loans-to-three-arrows-capital/

Memories of one year ago when people with laser eyes would post their "net worth" breakdowns online and what percentage of that was due to crypto.
 
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