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Crypto Hedge Fund Three Arrows Capital Files For Chapter 15 Bankruptcy in New York

Daily Market Wrap

  • Crypto market cap: 0.87 trillion, up 0.60%

  • BTC price stands at USD 19,210, down 0.03%

  • ETH price stands at USD 1,071, up 1.11%

  • Top gainer: TerraClassicUSD (USTC), up 20.20%

  • Top loser: NEM (XEM), down 7.03%

News of the Day

Why it matters:

  • Three Arrows Capital has filed for bankruptcy in the U.S. tied to foreign proceedings

  • The Chapter 15 bankruptcy filing occurred in the Manhattan Federal Court late on Friday; according to Bloomberg, the Chapter 15 filing will allow the firm to protect its American assets even though its British Virgin Islands assets have been liquidated

  • The firm borrowed large amounts of funds from several crypto lenders, including BlockFi, Celsius, Babel Finance, and Voyager Digital

  • Voyager Digital announced in late June that it could lose more than $650 million in loans; on Friday, BlockFi said that it had suffered around $80 million in losses due to the Three Arrows collapse

Crypto Daily Spotlight

Brief introduction: Wonderland is one of the most popular and most controversial Olympus DAO forks. It was the first decentralised reserve currency protocols available on the Avalanche blockchain. Sifu was the treasury manager of Wonderland and worked closely with the Frog Nation founder, Daniele Sestagalli.

Why it matters:

  • The Wonderland community voted on Saturday to buy $25 million worth of Sifu tokens

  • The proposal to invest in Sifu’s Vision, which was submitted by 0xSifu himself, was passed with 321,000 TIME tokens in favour (89.27%) and 39,000 TIME tokens against the proposal(10.37%).

  • 0xSifu was the second biggest voter, contributing 51,000 TIME tokens to the vote from his official account

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