Three Arrows defaults on 670 MM

https://www.cnbc.com/2022/06/27/three-arrows-capital-crypto-hedge-fund-defaults-on-voyager-loan.html

• Prominent crypto hedge fund Three Arrows Capital has defaulted on a loan worth more than $670 million.
• Digital asset brokerage Voyager Digital issued a notice on Monday morning, stating that the fund failed to repay a loan of $350 million in the U.S. dollar-pegged stablecoin, USDC, and another 15,250 bitcoin, worth about $323 million at today’s prices.

 

First of all, 670 million is still close to garage-band status for any type of hedge fund. And I still remember when a million bucks actually was something.

Alright, that right there shows these were a bunch of amateurs. Seriously? How the fuck did something that was fortold and EXPECTED to happen, catch a god damned hedge fund leveraged to the tits off-guard?

Where the FUCK was the risk control? Who was the risk manager?

 

I wish I was in such grate band

 

I think for crypto it’s huge.

 

Canaries are not very big either, but when they start dropping you better get the hell out of the coal mine.

 

and BTC still stays above 20k.
ie the default is not bad enough.

 

But seriously, are you new here? This is the Crypto sub. What risk control??

 

It is what happens when a hedge fund stops hedging at the wrong time.

 

The_Krakenite is a parody account . , haven't you figged that out yet ?

 

I suspect 97% of all crypto enterprises are outright frauds, and cons

prove me wrong

biggest scam in human history.