Cryptographic savings platform Finblox We posted a Twitter statement on June 16th informing users of the freeze on rewards and the application of daily withdrawal limits.
This notice directly refers to the deployment at Three Arrow Capital (3AC), which is rumored to have gone bankrupt, and at least liquidation has occurred. $ 400 million..
Finblox We list 3AC, especially Sequoia and Dragonfly Capital, as investment supporters.
@cybercodetwins He said it is a common practice to manage the finances of companies that 3AC supports with investment.
Well, 3AC usually needs to mention investing in a company and then managing part of the company’s finances. I don’t know how many protocols were involved in total, but they were one of the biggest.
—CyberCodeTwins.eth👾 (@cybercodetwins) June 16, 2022
Finblox Business type Generating yields from user deposits through strategies that include lending to institutions and the DeFi protocol. We provided users with up to 90% APY with an Axie Infinity (AXS) deposit, but other services were in line with industry standards.
Finblox statement
The statement It starts by looking at the current market conditions and how it affected 3AC.
The company added that it has worked with eight partners and protocols to “generate yields and spread risk as evenly as possible.” When you evaluate this result, the following actions are taken:
- Pause rewards for all users
- Limit withdrawals to $ 500 per day, up to $ 1,500 per month for all tiers
- Delay referral rewards
- Suspend new user account
“Ultimately, Finblox will do everything in its power to protect your funds and fully restore service. We will keep you up to date and inform you about new developments as soon as possible …”
3AC on the rope
Meanwhile, there are many rumors 3AC Unable to respond to margin claims over the weekend put further pressure on token prices.
As a result, 3AC “replaces most of its holdings,” said Andrew Thurman, an analyst at Nansen, who oversees the company’s position. Shuffles may include assets held by the investee company.
“I don’t want to comment on what that means for their health, but it’s clear that they’re replacing most of their holdings.”
Danny Yuan, Head of Trading at 8Blocks Capital, describes this situation as follows:3AC transmission.. Gives more insight, Former He said the 3AC was overextended and overexposed. In addition, he said that instead of meeting the margin call, 3AC “ghosted everyone.”
11) What we have learned is that they have been in use everywhere for a long time and have received margin calls. Instead of answering the margin call, they ghosted everyone. The platform was forced to liquidate its position and the market fell further.
— Danny (@ Danny8BC) June 16, 2022
