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CEO Zac Prince tweeted that the crypto lender “exercised our best business judgment.”
Crypto lender BlockFi confirmed Thursday it recently liquidated a “large client” amid reports that troubled crypto hedge fund Three Arrows Capital failed to meet margin calls.
“We exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan,” CEO Zac Prince tweeted. “We fully accelerated the loan and fully liquidated or hedged all the associated collateral.”
Prince’s tweet followed a Financial Times report that Three Arrows – a massive crypto venture capital and trading fund – was liquidated by BlockFi and other top-tier crypto lending firms after it failed to top up its loan collateral.