BlockchainCom partners with Deribit to benefit from LKV conflict

1 mins

BlockchainCom, in the news recently for its involvement in the 3AC fiasco, has partnered with Deribit to benefit from the recent internal conflict in LKV.

In addition to being a creditor of the crypto hedge fund, BlockchainCom reportedly collaborated with law enforcement agencies in their investigations into Three Arrows Capital. Both companies also said they had requested the recent liquidation of 3AC.

  • CryptoPotato recently reported the news that a court in the British Virgin Islands has ordered Three Arrows Capital to be liquidated.
  • The company's troubles started when the Terra platform failed.
  • A Bloomberg report said that BlockchainCom and Deribit, two of the hedge fund's creditors, had asked for the liquidation of the industry participants.
“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.” – said a statement from BlockchainCom.
  • The Monetary Authority of Singapore (MAS) accused 3AC of misinforming investors and breaching its allowed AUM, following the discovery that the fund had invested in a project that was not compliant with the law.
  • The collapse of the hedge fund has affected numerous cryptocurrency-related businesses.
  • The US-based Voyager Digital Holdings was one of the companies that had to take out a huge loan from Alameda after the debacle with 3AC.
  • The company said that it had a total of $650 million (350 million USDC and 15,250 BTC) in exposure to the failing VC.
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