BlockFi Says it Liquidated a ‘Large Client’ Amid 3AC’s Margin Calls

From blockworks.co

Crypto lender BlockFi confirmed Thursday it has liquidated a “large client” and acted “decisively” to mitigate risks in accordance with its contracts with specific counterparties. While the lender has not explicitly named the client, it comes amid reports crypto hedge fund and venture capital firm Three Arrows Capital (3AC) was the counterparty involved, according to the Financial Times. “BlockFi can confirm that we exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan,” BlockFi CEO Zac Prince tweeted late Thursday. “We ... (full story)