Shopping Assets to Fill $270M Hole From Three Arrows Capital: Sources


crypto lending hasn’t been a safe business model over the past year. Celsius filed for bankruptcy in July after being dogged by regulators. Voyager did the same after exposure to 3AC. BlockFi, which had been “bailed out” by FTX, was forced to file for bankruptcy in November. And Genesis, which had exposure to both 3AC and FTX, filed for Chapter 11 protections this month.

Without a bustling trading business—and with 3AC representing a $270 million hole in its balance sheet—the company may be insufficiently diversified and too short on cash to survive the crypto winter. In conversations with Decrypt, several industry investors expressed strong doubts about the health of the company.