Three Arrows Capital (3AC)
A prominent digital asset hedge fund domiciled in Singapore systematically acquired thousands of Bitcoins via unsecured and under-collateralized loans from institutional lenders, applying high-risk leveraged strategies.
In the wake of the Terra (Luna) ecosystem collapse, the fund failed to meet capital requirements for outstanding margin calls. This insolvency precipitated a systemic contagion across the cryptocurrency credit markets, directly inducing the liquidation and bankruptcy of Celsius, Voyager, and Genesis.
