Crypto Turmoil: 3AC Files for Bankruptcy, FTX and BlockFi Agree, Suspensions at Voyager - Aliens: AI Crypto News & Markets Updates
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Crypto Turmoil: 3AC Files for Bankruptcy, FTX and BlockFi Agree, Suspensions at Voyager

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Cryptonews

Sat, Jul 02, 2022

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Meanwhile, troubled crypto lender BlockFi said it signed definitive agreements, subject to shareholder approval, with the FTX US crypto exchange for: A USD 400m revolving credit facility which is subordinate to all client funds, and An option to acquire BlockFi at a variable price of up to USD 240m based on performance triggers.

They admitted that due to their loan to 3AC, the lender experienced USD 80m in losses, and "this represents the full extent of the impact to BlockFi from 3AC." Also, these losses "will be part of 3AC’s ongoing bankruptcy case(s)." Meanwhile, another crypto platform that suffered from 3AC, Voyager Digital, said it is "temporarily" suspending trading, deposits, withdrawals, and loyalty rewards.

FTX has become a lender of last resort for multiple crypto companies, and now, its CEO and Co-Founder Sam Bankman-Fried, said he’s open to exploring acquisitions in the battered Bitcoin (BTC) and crypto mining industry next.

_____ Learn more: - Three Arrows Reprimanded by Singapore - Celsius’ Positions are Now Healthier, Three Arrows Capital Was a 'Victim of Contagion' - Nansen - 5 Risks to Know Before Using Centralized Crypto Lending Platforms - FTX CEO: Some Smaller Exchanges Are ‘Too Far Gone,’ ‘Insolvent,’ and Unlikely to Be ‘Saved’ - Nexo Eyes Potential M&A Targets as Crypto Market in ‘State of Fear’ - Three Arrows CEO Zhu Su Seeks to Sell Luxury Singapore Mansion – Reports

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