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Crypto Hedge Fund in Default

Written by:
Aaron Goldstein
Published on:
Jun/27/2022

The Crypto Winter isn't over yet as wary investors and other interested parties await the next shoe to drop.  That could be the crypto hedge fund Three Arrows Capital.

They were to meet a deadline on Monday to repay more than $670 million in loans to Voyager Digital or face default.  The obligation apparently was not met.

Digital asset brokerage Voyager Digital issued a notice Monday morning, advising that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, USDC, in addition to 15,250 bitcoin that translates into $323 million.

We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” said Voyager CEO Stephen Ehrlich.

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BitOasis Exchange Lays Off Employees Amid Market Downturn

Following news of layoffs at major cryptocurrency exchanges like Coinbase, BitOasis becomes the latest to cut staff.  The Middle Eastern/North Africa market digital exchange will be laying off 5% of its employees, hardly mind blowing, but still reason for concern.

BitOasis was founded in United Arab Emirates (UAE) in 2015.

More Hedge Funds Are Betting Against Tether as Crypto Melts Down

Short sellers have been ramping up their bets against tether, the world’s largest stablecoin, as reported by the Wall Street Journal.  Stablecoins are, in theory, supposed to be pegged to the US Dollar.

“There has been a real spike in the interest from traditional hedge funds who are taking a look at tether and looking to short it,” Leon Marshall, head of institutional sales at Genesis Global Trading.

Genesis said short positions increased after the multibillion-dollar implosion of UST.

Some funds are shorting USDT as a bet against the broader economy.

- Aaron Goldstein, Gambling911.com

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