Blockchain.com could lose $270 million on its loans to 3AC

Blockchain.com, a popular crypto exchange could end up losing $270 million on its loans to Three Arrows Capital (3AC).

3AC has filed for Chapter 15 following the bearish turmoil in the cryptocurrency markets. Peter Smith, CEO of Blockchain.com, disclosed the loss of $270 million (approx) in the latter to shareholders according to Reuters: “Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million of cryptocurrency and US dollar loans from Blockchain.com.”

Smith added that the company was exploring various methods to recover from the loss.

Sun and CZ to the rescue

Justin Sun, the founder of TRON DAO (formerly known as TRON Foundation) said that he and TRON are ready to help struggling crypto businesses.

Sun and TRON are willing to spend up to $5 billion to save businesses in the crypto industry. He also revealed that TRON had approached an investment bank (name withheld) to help them with future transactions.

The main interest is for companies with a large user base on CeFi and DeFi platforms.

Binance is also active in bailing out companies. Towards the end of June 2022, it was suggested that at least 50 struggling businesses had turned to CZ for help.

In a podcast for Decrypt, CZ hinted that Binance is looking at a lot of offers:

“A lot of companies are running out of money, that doesn’t mean most of them are bad companies…some companies make minor mistakes the first time they go through a bear market, they have good products, good teams, so we just have to help take them out a bit.

“And those things that we’re perfectly willing to do. And we’re looking at a lot of deals like that…And some of them are actually good deals. So I think you’ll see that we’re going to invest, bail out, saving multiple projects.”

KuCoin CEO denies social media rumors

There was speculation from an anonymous Twitter account that KuCoin could be the next exchange to go insolvent. KuCoin’s CEO was forced to respond, denying the rumours.

He added that KuCoin raised $150 million in May with a valuation of $10 billion, KuCoin is among many companies that continue to hire and launch new products in a bear market.

The H1 2022 report will be transparent and shed light on the company’s operations.

Blockchain.com, a popular crypto exchange could end up losing $270 million on its loans to Three Arrows Capital (3AC).

3AC has filed for Chapter 15 following the bearish turmoil in the cryptocurrency markets. Peter Smith, CEO of Blockchain.com, disclosed the loss of $270 million (approx) in the latter to shareholders according to Reuters: “Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million of cryptocurrency and US dollar loans from Blockchain.com.”

Smith added that the company was exploring various methods to recover from the loss.

Sun and CZ to the rescue

Justin Sun, the founder of TRON DAO (formerly known as TRON Foundation) said that he and TRON are ready to help struggling crypto businesses.

Sun and TRON are willing to spend up to $5 billion to save businesses in the crypto industry. He also revealed that TRON had approached an investment bank (name withheld) to help them with future transactions.

The main interest is for companies with a large user base on CeFi and DeFi platforms.

Binance is also active in bailing out companies. Towards the end of June 2022, it was suggested that at least 50 struggling businesses had turned to CZ for help.

In a podcast for Decrypt, CZ hinted that Binance is looking at a lot of offers:

“A lot of companies are running out of money, that doesn’t mean most of them are bad companies…some companies make minor mistakes the first time they go through a bear market, they have good products, good teams, so we just have to help take them out a bit.

“And those things that we’re perfectly willing to do. And we’re looking at a lot of deals like that…And some of them are actually good deals. So I think you’ll see that we’re going to invest, bail out, saving multiple projects.”

KuCoin CEO denies social media rumors

There was speculation from an anonymous Twitter account that KuCoin could be the next exchange to go insolvent. KuCoin’s CEO was forced to respond, denying the rumours.

He added that KuCoin raised $150 million in May with a valuation of $10 billion, KuCoin is among many companies that continue to hire and launch new products in a bear market.

The H1 2022 report will be transparent and shed light on the company’s operations.

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