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Blockchain.com faces $270 million hit on loans to bankrupt Three Arrows

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Reuters UK

(Reuters) -Cryptocurrency exchange Blockchain.com could lose $270 million on its loans to bankrupt crypto hedge fund Three Arrows Capital (3AC), a source with knowledge of the matter said on Friday. The development comes days after 3AC filed for Chapter 15 bankruptcy, seeking protection from creditors in the United States after one of the most high-profile blow-ups of the crypto crash this year. “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,” Blockchain.com’s Chief Executive Off…

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