Kyber Network Admits A Portion of Its Treasury Was Held By 3AC, But Not Significant to Affect KNC Operations. Summary:.
26 Jun 2022, 08:00
Kyber Network Admits A Portion of Its Treasury Was Held By 3AC, But Not Significant to Affect KNC Operations
Summary:
The Kyber Network team has admitted that Three Arrows Capital’s potential insolvency might impact its treasury.A small portion of Kyber Network’s treasury is with Three Arrows Capital but is not significant enough to affect the KNC project’s operations.The team at Kyber Network adds that it has enough funds to operate for many years.The potential insolvency of the Three Arrows Capital hedge fund continues to expose a web of affected crypto projects.
Yesterday, the team at Kyber Network clarified via Twitter that Three Arrows Capital held a small portion of its treasury. Therefore, as explained in the tweet below, its potential insolvency could have a small impact on Kyber Network.