Three Arrows owes Polkadot developer Moonbeam Foundation over $27M, court documents show. shauryamalwa reports.
Recent court documents show that beleaguered crypto fund Three Arrows Capital owes blockchain development lab Moonbeam Foundation over $17 million worth of stablecoins and $10 million worth of Moonbeam-issued tokens.
The agreement was made between Moonbeam Foundation and 3AC on Sept. 20, 2021. 3AC borrowed the open term loan at a 12% interest rate. 3AC held over 10 million GLMR tokens and 200,000 MOVR tokens. These have not been returned to Moonbeam as of July 15. These are valued at nearly $10 million at current market rates.
However, 3AC was not liable to “the ultimate performance” and had no specific trading volume targets. The obligations were “limited to making commercially reasonable efforts to advise on methods to increase liquidity” for river and glimmer tokens.
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