The fall of Three Arrows Capital can be traced to the collapse in May of terraUSD (UST), which had been one of the most popular U.S. dollar-pegged stablecoin projects.
Panic selling associated with the fall of UST, and its sister token luna, cost investors $60 billion.
3AC told the Wall Street Journal it had invested $200 million in luna.
Although other industry reports said the fund’s exposure was around $560 million.
Whatever the loss, that investment was rendered virtually worthless when the stablecoin project failed.
The effect of this collapse may continue to be there because they had had a lengthy list of counterparties or companies that had their money wrapped up in the firm’s hedge fund.
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