Singapore-based Three Arrows Capital's failure to repay bitcoins and USD Coins is another sign of the ongoing market turmoil.
Crypto broker Voyager Digital issued a notice of default to Three Arrows, a crypto hedge fund based in the city-state, for failing to repay a loan of 15,250 Bitcoins and 350 million US dollars in USD Coin, a stablecoin, according to a statement.
The New Jersey-headquartered firm said it intends to continue to pursue Three Arrows for recovery of the assets and that it is in discussions with advisors on any potential legal steps available to the company.
The latest default notice follows reports that Three Arrows was looking at various options, including a possible asset sale or bailout, as a result of the current market crisis.
Continued Sharp Decline
The total market is currently at 930 billion dollars, a massive decline from its peak valuation of 2.9 trillion dollars just last November, according to data from CoinMarketCap. Other crypto players are suffering similar challenges, with Celsius Networks reportedly eyeing a potential bankruptcy and Goldman Sachs evaluating whether to raise 2 billion dollars to buy its distressed assets afterward.
