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Crypto: Hedge Fund Debacle May Ruin Two Prominent Lenders

·3 min read
Crypto: Hedge Fund Debacle May Ruin Two Prominent Lenders

Two days after Singapore hedge fund Three Arrows Capital (3AC) was forced into liquidation, two of its lenders are being forced to take drastic decisions to avoid collapsing in turn. BlockFi has signed a bailout deal with FTX US, the U.S. subsidiary of cryptocurrency exchange FTX.com, which is owned by young billionaire Sam Bankman-Fried. The deal, announced on Twitter by BlockFi CEO Zac Prince, includes an option given to FTX to acquire BlockFi at a variable price based on performance, but the maximum price is $240 million.