Hello Defiers! Happy weekend!
It was a tale of two crypto worlds this week. One was engulfed by anxiety, threats, and a lot of ghosting. The crisis at Three Arrows Capital and more broadly in crypto lending truly hit home. Fears ran high that the $10B hedge fund was poised to default on its mammoth debt load. Sam Haig reported a scoop on how the fund was ghosting Kyber Network, prompting its co-founder to decry the ‘lost trust’ between the two onetime partners and to threaten legal action if Three Arrows didn’t respond to its entreaties.
The threats didn’t end there. Aleks Gilbert wrote about Voyager Digital’s extraordinary ultimatum to Three Arrows to pay $658M in debt by June 27 or face default. Yikes.