Tech Brew Ride Home Wed. 06/15 – Now The Crypto Hedge Funds Might Be Blowing Up
Jun 15, 2022
A major crypto hedge fund, Three Arrows Capital, faces potential collapse amid massive liquidations, reflecting troubling trends in the crypto world. Celsius Networks struggles with halted withdrawals and mounting financial issues. YouTube introduces a handy corrections feature for creators to fix mistakes without losing viewer engagement. Meanwhile, Apple makes waves with a groundbreaking 10-year streaming deal for Major League Soccer. Lastly, Microsoft puts Internet Explorer to rest, leaving its legacy in the rearview mirror.
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Crypto Hedge Fund Uncertainty
- Three Arrows Capital, a crypto hedge fund, faces an uncertain future after a $400 million liquidation.
- The firm, which managed about $10 billion at its peak, suffered losses due to the Terra Luna collapse and risky bets.
Celsius Network Troubles
- Crypto lender Celsius Network is seeking financing and exploring restructuring options, including a potential financial restructuring, after halting withdrawals.
- Celsius, with 1.7 million users and $11.8 billion in assets, offered high yields on crypto deposits but faced market volatility.
Celsius Network's Risky Business
- Celsius Network's risky trades and liquidity mismatch led to its crisis.
- They borrowed Ether, locked it in a new version of the cryptocurrency, and used a derivative as collateral for more borrowing.