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Crypto Turmoil: 3AC Files for Bankruptcy, FTX and BlockFi Agree, Suspensions at Voyager

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Multiple important news reached the market as another week of harsh crypto winter neared its end, providing more clarity on where some major industry players stand.First, the troubled crypto hedge fund Three Arrows Capital (3AC) is now seeking protection from creditors in the US under Chapter 15 of the US Bankruptcy Code, which allows foreign debtors to shield US assets, per Reuters.

As reported, a British Virgin Islands court ordered the liquidation of 3AC earlier this week. Meanwhile, troubled crypto lender BlockFi said it signed definitive agreements, subject to shareholder approval, with the FTX US crypto exchange for:"We have not drawn on this credit facility to date and have continued to operate all our products and services normally.

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