The Financial Times reported earlier this month that U.S.-based crypto lenders BlockFi and Genesis liquidated some of 3AC’s positions, citing people familiar with the matter. 3AC had borrowed from BlockFi but was unable to meet the margin call.
Other cryptocurrency companies have also faced the same liquidity issues. For instance, lending firm Celsius and cryptocurrency exchange CoinFlex were forced to pause withdrawals for customers both citing “extreme market conditions.”
CoinFlex however had another issue with a customer that failed to repay a $47 million debt, causing a liquidity problem for the company.
