Cryptocurrency hedge fund Three Arrows Capital has incurred at least $400M in liquidations in a move that could lead to potential insolvency, according to three people familiar with the matter, as reported by The Block Wednesday. The Dubai-based investment firm was liquidated by crypto lending firms and is in the process of repaying lenders and other counter parties, The Block noted. Three Arrows ("3AC") previously backed projects like Ethereum (ETH-USD) -45%, Avalanche (AVAX-USD) -51% and Polkadot (DOT-USD) -35%, all of which are plunging M/M as the crypto market comes close to its worst drawdown since the 2018 crash. In addition, 3AC, which reportedly managed ~$10B at market peak, took a big hit from its investment in Luna (LUNA-USD), the Terra ecosystem's native crypto, which ultimately crashed after algorithmic stablecoin TerraUST (UST-USD) lost its peg to the U.S. dollar in May, The Block said. In response to 3AC's setback, CEO and Co-Founder Su Zhu said
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