Blockchain.com Losses $270 Million on Loan to Three Arrows Capital

July 10, 2022

MCP News Free

Blockchain.com Losses $270 Million on Loan to Three Arrows Capital

Cryptocurrency wallet provider Blockchain.com has announced its exposure to one of the biggest casualties in the latest “crypto winter” after losing $270 million on loans to the insolvent Three Arrows Capital.

As earlier reported by MyCryptoParadise in June, Three Arrows Capital (3AC) was liquidated and lost nearly $400 million, a News that sent a shock wave across the crypto space leaving many in fear.

In a letter written to the shareholders by Blockchain.com CEO, Peter Smith, “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.”

He also added that the firm is on its toes in search of strategies to recover any potential loss.

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Blockchain.com Remains Liquid Despite the Loss

Users of every firm exposed to any of the insolvent crypto lending firms are in fear of the firms holding their investment out of liquid.

Blockchain.com community is also worried following the break of the reports of Three Arrows Capital’s exposure.

In response to tensed users, Peter Smith has disclosed that the company “remains liquid, solvent and our customers will not be impacted,” despite the 3AC exposure.

Also, in an interview by Coindesk with a person familiar with the firm’s finance, he said that the firm is in good shape to bear the loss.

“We are not getting the sense there is any kind of stress on the organization,” he said.

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