Key Takeaways:
- Three Arrows Capital plunges into liquidation.
- The reason behind the insolvency is the recent market crash.
- A court in British Virgin Islands ordered its liquidation in 29 July 2022.
Recently, rumors of insolvency of one of the largest cryptocurrency loan companies, Celsius, were making rounds in the market. The recent market crash after the fall of Luna has taken a toll on the market. Amidst this, the news of Three Arrows Capital getting insolvent has hit the market. Users have been speculating about this incident.
Sky News shares that the liquidation of the Singapore-based Three Arrows Capital has been ordered by a court in the British Virgin Islands. The company has plunged into liquidation as a result of deepening the crisis that is currently engulfing the global digital assets sector.
This insolvency will create a buzz in the crypto market as it is alarming and significant. The co-founder of the company, Mr. Davies said in an interview with Wall Street Journal that the firm was committed to working things out to find an equitable solution for its constituents.
He further added that Three Arrows was also considering the sale of assets or rescue by another firm. A person who knows the situation has confirmed that court order in the BVI was issued on June 27 to liquidate Three Arrows.
