Cryptocurrency hedge fund Three Arrow Capital defaulted on a $650 million loan Monday, according to lender Voyager Digital.
The loan is comprised of roughly 15,000 bitcoin and $350 million worth of the stablecoin USDC. The failure to pay is the latest blow to the hedge fund which previously saw a tranche of its positions liquidated by BlockFi and Genesis.
Source: Crypto Crash: Hedge Fund 3AC Defaults As Liquidity Dies up Across Sector