Major crypto hedge fund Three Arrows Capital files for bankruptcy and fires 25% of workforce as crypto implosion spreads

The news for cryptocurrencies keeps getting worse as Three Arrows Capital (3AC), a major cryptocurrency hedge fund, plunges into bankruptcy and fires 25% of its workforce.

Bloomberg reports that the firm, which is based in Singapore, filed for Chapter 15 bankruptcy on Friday in New York, which will allow them to protect stateside assets while their liquidation takes place in the British Virgin Islands.

A Blockchain.com representative told Bloomberg: “We believe Three Arrows Capital defrauded the crypto industry and intend to hold them accountable to the fullest extent of the law. We have filed for the immediate liquidation of all global assets of Three Arrows.”

newstarget Major crypto hedge fund Three Arrows Capital files for bankruptcy and fires 25% of workforce as crypto implosion spreads