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Fresh Off The Block: Three Arrows files for US bankruptcy, Meta to shut down crypto project Novi and more

·2-min read

Fresh Off The Block: Three Arrows files for US bankruptcy, Meta to shut down crypto project Novi and more

Crypto hedge fund Three Arrows Capital (3AC) is filing for bankruptcy, and is seeking protection from creditors in the US under Chapter 15 of the US Bankruptcy Code, which allows foreign debtors to shield U.S. assets. Non US-companies use Chapter 15 to block creditors who want to file lawsuits or tie up assets in the US.

On June 30, the Monetary Authority of Singapore (MAS) "reprimanded" 3AC and accused it of providing misleading information concerning its relocation to the British Virgin Islands in 2021, in addition to exceeding its assets threshold.

3AC is Singapore-based and one of the highest-profile investors hit by the sharp sell-off in crypto markets and is being liquidated.

Meanwhile, Meta’s Novi pilot, a money-transfer service using the company’s cryptocurrency digital wallet, will end on Sept 1.

From July 21, users will no longer be able to add money to their accounts, according to Novi, advising users to withdraw their balance “as soon as possible.”

Meta however does plan to use Novi’s technology in future products, such as in its metaverse project, a company spokesperson said in an email to Bloomberg.

“We are already leveraging the years spent on building capabilities for Meta overall on blockchain and introducing new products, such as digital collectibles,” Meta said in a statement. “You can expect to see more from us in the web3 space because we are very optimistic about the value these technologies can bring to people and businesses in the metaverse.”

In other news, the cost of buying Tether’s stablecoin USDT with Argentine pesos surged on July 2 after Argentina’s Economy Minister Martin Guzman resigned.

Guzman’s resignation is notably the biggest departure of President Alberto Fernandez’s government after infighting escalated within the ruling coalition. As of July 4, no replacement has been named.

The price of USDT measured in Argentine pesos jumped on major exchanges soon after the minister announced his resignation on Twitter, according to CryptoYa.

The coin fetched 257 Argentine pesos on the Binance exchange, up 6.6%. On the Lemon Cash exchange, prices jumped 11% to 279 pesos.

Photo: CNBC

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