Bitcoin billionaire Sam Bankman-Fried bails out embattled crypto firms BlockFi and Voyager.
Elsewhere, crypto hedge fund Three Arrows Capital has been forced to liquidate leveraged bets on various tokens,The company said it was set to take a loss of $650 million on loans issued to 3AC if the company fails to pay. 3AC had borrowed 15,250 bitcoins — worth more than $300 million as of Wednesday — and $350 million in USDC stablecoins.
The firm said it intends to recover the funds from 3AC and is in talks with its advisors "regarding the legal remedies available." his company is considering asset sales and a rescue by another firm to avoid collapse. 3AC did not respond to multiple requests for comment.
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