1,157 pages of documents revealed: Who lent money to Three Arrows Capital?

With the disclosure of more than 1,100 pages of liquidator documents, it became clear to the outside world who had lent the money to Three Arrows Capital.

The total amount owed is US$3.5 billion. Since most of the debts are mortgage loans, the total loss of the institutions should be between US$1 billion and US$1.5 billion. Some of the 32 institutional debtors disclosed in the document are as follows (however, the amounts of some institutions and retail investors are not disclosed in this document):

The top borrower is Genesis Lending under DCG. Genesis has always been known for its aggressive lending style and was once one of the largest borrowers of failed institutions such as PayPal Finance. Genesis lent out up to $2.36 billion. Fortunately, it was not an unsecured loan. 3AC's collateral was GBTC, totaling 17,443,644 shares; 446,928 shares of Grayscale Ethereum Trust, 2,739,043.83 $AVAX and 13,583,265 $NEAR. There is still a gap of $462 million.

The second-ranked borrower is the well-known "sucker" Voyager, which lent nearly $1 billion to Three Arrows Capital without collateral (calculated based on the value in March), which is currently worth $600 million. Ironically, Voyager emphasized in every financial report: Based on its due diligence, the company believes that the borrower is a high-quality financial institution with sufficient funds to fulfill its due debts. Read more: Revealing the secrets of Voyager, the $1 billion creditor of Three Arrows: Large amounts of deposits from American customers, mainly unsecured loans, face strong regulatory pressure

The third-ranked borrower is Deribit, which is also an investor of Three Arrows Capital, with a loan amount of $190 million. The fourth-ranked borrower is the well-known Equities First, with a loan amount of $160 million. Among other borrowers, the Chinese world is more familiar with Coinlist (35 million US dollars); Bitget Exchange (16.32 million US dollars); Mirana/Bybit Investment Department (13.06 million US dollars); Hashkey (440,000 US dollars), etc.

According to TheBlock, the creditor committee of Three Arrows Capital (3AC) has been established, consisting of five institutions: DCG, Voyager, CoinList, Blockchain.com and Matrixport. It is worth noting that Blockchain.com did not appear in the above documents, but it claimed that it had lent out $700 million and incurred a loss of $270 million; Matrixport did not appear in the above documents either, and the amount of loans and losses is unknown.