Hedge fund Three Arrows Capital (3AC), which recently filed for bankruptcy, owes the organization behind the development of the Moonbeam project $17 million in stablecoins and $10 million in tokens issued on the project's blockchain platform, according to the court documents.
The Moonbeam Foundation's director has said in a letter sent to 3AC last month:
"We reiterate our request for immediate repayment of the two remaining loans ($7 million in UDSC and $10 million in USDT) and accrued interest in accordance with the terms of the main digital currency loan agreement."
The parties signed an agreement on September 20, 2021 through which 3AC obtained a term loan at 12% per annum.
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Separately, the Moonbeam Foundation hired the hedge fund as a "liquidity advisor" for the Moonriver (MOVR) and Glimmer (GLMR) utility tokens.
Three Arrows Capital held over 10 million GLMRs and 200,000 MOVRs that never returned to the organization.