Bitcoin News CEO Reveals Company Lost $270 Million From 3AC Exposure – Bitcoin News CEO Reveals Company Lost $270 Million From 3AC Exposure – Bitcoin News

According to a report published on July 8, the cryptocurrency firm lost $270 million from exposure to the crypto hedge fund Three Arrows Capital (3AC). The news was shared in a recent letter to shareholders written by the company’s CEO Peter Smith. The executive stressed that the firm “remains liquid, solvent and our customers will not be impacted.” Lost $270 Million From 3AC Exposure — CEO Says Company ‘Remains Liquid and Solvent’

Another crypto company has revealed losses stemming from being exposed to Three Arrows Capital Ltd. (3AC), the embattled crypto hedge fund that just recently filed Chapter 15 bankruptcy. The latest firm to feel the brunt of 3AC’s fallout is, according to a report published by Coindesk, after the newsdesk reviewed a letter to shareholders written by the CEO Peter Smith.

Smith said the firm lost $270 million over the 3AC incident but stressed that is financially sound. “Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from,” Smith detailed in the letter to shareholders.

Coindesk’s Ian Allison explained that the letter notes that over the course of four years, 3AC borrowed and returned $700 million from Furthermore, Allison spoke with a person familiar with the company’s financials and the source also confirmed that’s finances were sound.

“We are not getting the sense there is any kind of stress on the organization,” the individual is quoted as saying. The news follows securing up to $100 million in liquidity from Truefi’s single-borrower pool, and the company’s sponsorship deal with the Dallas Cowboys. also acquired the Latin American crypto investment platform Sesocio in December 2021. CEO Peter Smith Says 3AC ‘Defrauded the Crypto Industry’

3AC was founded by Su Zhu and Kyle Davies in 2012 and on June 17, 2022, Davies was interviewed by the Wall Street Journal. Davies noted at the time that 3AC purchased $200 million in luna classic (LUNC) before the crypto asset’s value collapsed.

The LUNC purchase is now worth less than $1K, and some reports say that 3AC tried to get the loss back by using excess leverage or ‘revenge trading’ to recoup the LUNC losses. According to a report published by Bloomberg,’s…

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