Celsius, a crypto lender Twice loan to Three Arrows Capital (3AC) before the collapse According to documents obtained from The Block
It has loaned two stablecoin USDC to 3AC, with the first loan worth $50 million and the second $25 million, according to testimony sent by 3AC co-founder Kyle Davies.
3AC collapsed after losing a lot of money when cryptocurrency Luna (LUNA) and its TerraUSD (UST) token collapsed, leading to massive losses. For many other crypto companies that lend money. that often go through low-collateral loans
Celsius has also struggled since the fall of Luna and 3AC and announcedChapter 11 Bankruptcyin New York last week In an initial court filing, Celsius claimed a $1.2 billion difference on the balance sheet.
In an affidavit sent by Davies, he provided information showing that 3AC owes more than $3.5 billion to several crypto companies.
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