![]() It's your choise, if you want to use a light theme then you can use it without any problems. Most of the icons do have the sky-blue color and it should have a fresh look! Voyager investors told CNBC they don't see much reason for optimism.This iconpack looks very clean and has a light design, which is easy comparable with the sky. That could include a combination of the crypto they held, common shares in the reorganized Voyager, Voyager tokens and whatever proceeds they're able to get from 3AC. CEO Stephen Ehrlich said on Twitter that after the company goes through bankruptcy proceedings, customers with crypto in their account would potentially receive a sort of grab bag of stuff. And crypto comes with so few consumer protections that retail investors have no idea what, if anything, they'll end up owning.Ĭustomers of Voyager Digital recently received an email indicating that it would be a while before they could access the crypto held in their accounts. Peter Smith, the CEO of said last week, in a letter to shareholders viewed by CoinDesk, that his company's exchange "remains liquid, solvent and our customers will not be impacted." But investors have heard that kind of sentiment before - Voyager said the same thing days before it filed for bankruptcy.īhatia said the cascade hits any player in the market with significant exposure to a deteriorating asset and liquidity crunch. "Not only were they not hedging anything, but they also evaporated billions in creditors' funds," said Bhatia. Many of the firm's counterparties were, in turn, unable to meet demands from their investors, including retail holders who had been promised annual returns of 20%. UST's implosion rocked confidence in the sector and accelerated the slide in cryptocurrencies already underway as part of a broader pullback from risk.ģAC's lenders asked for some of their cash back in a flood of margin calls, but the money wasn't there. "3AC was supposed to be the adult in the room," said Nik Bhatia, a professor of finance and business economics at the University of Southern California. Zhu also co-hosted a popular podcast on crypto. The firm had been around for a decade, which helped give founders Zhu Su and Kyle Davies a measure of credibility in an industry populated by newbies. Three Arrows' strategy involved borrowing money from across the industry and then turning around and investing that capital in other, often nascent, crypto projects. ![]() "Credit is being destroyed and withdrawn, underwriting standards are being tightened, solvency is being tested, so everyone is withdrawing liquidity from crypto lenders," said Nic Carter, a partner at Castle Island Ventures, which focuses on blockchain investments. U.S.-based crypto lenders Genesis and BlockFi, crypto derivatives platform BitMEX and crypto exchange FTX are also being hit with losses. Meanwhile, digital asset brokerage Voyager Digital filed for Chapter 11 bankruptcy protection after 3AC couldn't pay back the roughly $670 million it had borrowed from the company. With the crypto market down by more than $1 trillion since April, led by the slide in bitcoin and ethereum, investors with concentrated bets on firms like 3AC are suffering the consequences.Ĭrypto exchange reportedly faces a $270 million hit on loans to 3AC. 3AC had a lengthy list of counterparties, or companies that had their money wrapped up in the firm's ability to at least stay afloat. ![]()
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