
Bitcoin closed 2022 near $16,530 on Coinbase after a 64.2% annual fall
The BTC-USD market ended a year shaped by monetary tightening and a succession of digital-asset failures far below its opening level.

365 source-dated archive files document the cryptocurrency record for 2022. Each article displays its historical event date and separate actual publication time.

The BTC-USD market ended a year shaped by monetary tightening and a succession of digital-asset failures far below its opening level.

The bankrupt exchange’s new management valued the disputed wallet at approximately $167 million, exposing a consequential conflict over asset ownership, liquidity and jurisdiction.

A Bahamian court authorized confidential information sharing about assets held by the securities regulator, while a new filing disclosed a contested valuation exceeding $3.5 billion.

The company sold approximately 704 BTC while pursuing a potential tax benefit, repurchased approximately 810 BTC and reported a larger overall treasury position.

The unsealed complaint accused Avraham Eisenberg of commodities fraud and manipulation over approximately $110 million withdrawn from the Solana-based trading protocol.

The distressed lender moved toward a fund-managed restructuring while its would-be buyer publicly disputed how the proposed acquisition had been handled.

Two prominent Solana NFT collections chose different destination networks, turning blockchain competition into a test of whether established communities could move safely across chains.

A severe winter storm pushed major U.S. miners to curtail operations, exposing Bitcoin’s dependence on geographically concentrated energy infrastructure without stopping the network.

The judgments imposed antifraud injunctions and established CFTC liability for Caroline Ellison and Gary Wang, while reserving monetary remedies and parts of the sanctions process.

Law No. 14,478 created an authorization framework for crypto service providers, expanded financial-crime provisions and left key rules to a future federal regulator.

The publicly traded miner pursued a creditor-backed reorganization after falling bitcoin prices, higher electricity costs and customer-payment failures strained its liquidity.

The bitcoin miner proposed transferring substantial mining capacity to NYDIG for a $57 million to $68 million debt reduction, but said it still needed additional liquidity.

The headline valuation largely represented Voyager’s existing cryptocurrency portfolio, while court approval, a creditor vote and closing conditions still separated customers from distributions.

ARG’s reversal showed how a blockchain-based fan asset could trade as a speculative event contract even when the real-world result favored its namesake team.

The reported reversal could accelerate the FTX founder’s transfer from Bahamian custody to Manhattan, but no formal consent or court order was public on December 17.

The accounting firm stopped producing reserve reports for exchanges including Binance, Crypto.com and KuCoin, exposing the limits of an industry transparency campaign.

Final NYDFS guidance told covered institutions how to seek activity-specific approval, including the business, risk, governance, consumer and financial evidence supervisors expected.

The bipartisan proposal would have extended Bank Secrecy Act obligations beyond exchanges to wallet providers, miners, validators and other network participants, opening an immediate dispute over surveillance, privacy and technical feasibility.

The parallel actions turned FTX’s collapse into public criminal, securities and commodities-fraud cases while leaving guilt, losses and customer recoveries unresolved.

The former FTX chief’s detention turned a sprawling bankruptcy and regulatory crisis into an active cross-border criminal proceeding, although the U.S. indictment remained sealed on December 12.

The exchange investigated unusual activity involving five tokens, restricted some profitable accounts and then reversed course after finding no apparent links among them.

The reported criminal inquiry placed FTX’s cross-border movement of funds under scrutiny, but no public charge or finding had established wrongdoing by December 10, 2022.

Mazars found ratios of 101% to 106% at a December 7 snapshot, but its agreed-upon procedures were expressly not a financial audit or assurance engagement.

A sample comment letter asked companies to examine material exposure to bankrupt counterparties, suspended withdrawals, collateral stress and safeguarding failures.

The accountant matched specified bitcoin assets and customer liabilities at one timestamp but expressly delivered neither an audit opinion nor a verdict on Binance’s solvency.

The limited beta let eligible LINK holders and node operators commit tokens to an initial alerting and reputation system for Chainlink’s ETH/USD feed.

The USDC issuer’s planned public listing ended after its registration statement failed to become effective before the transaction’s approaching deadline.

CEO Ben Zhou confirmed a broad restructuring on December 4, while contemporaneous reports put the planned reduction at 30% of the cryptocurrency exchange’s staff.

The engagement of Kirkland & Ellis and the first public estimate of frozen customer assets showed that Genesis’s withdrawal suspension had become a major restructuring problem.

A compromised developer key enabled unauthorized minting on BNB Chain, draining decentralized-exchange liquidity and exposing the systemic risk of privileged smart-contract access.

The Reserve Bank of India moved sovereign digital currency into consumer and merchant wallets through a limited test involving four banks and four cities.

The exchange said approximately 1,100 employees would leave, reversing an expansion plan it had defended less than six months earlier.

Lawmakers sent a licensing and financial-crime framework to the president while declining to restore an explicit requirement to segregate customer assets.

The crypto lender and eight affiliates entered bankruptcy in New Jersey after Alameda defaulted on approximately $680 million of loans and an FTX credit commitment failed.

EIP-6049 proposed formally deprecating the opcode while leaving its behavior unchanged, warning developers that a breaking protocol change could follow.

Wrapped Bitcoin remained below its intended one-for-one value as its custodian said every burn request had been completed, exposing how quickly post-FTX distrust could disrupt wrapped-asset arbitrage.

The exchange reported 582,485.9302 BTC in on-chain reserves against a customer net balance of 575,742.4228 BTC, but its first disclosure was limited to one asset and lacked completed third-party verification.

The exchange structured its November 24, 2022 response as a six-month co-investment program, not a centralized bailout fund, with capital assigned to public blockchain addresses.

The November 23, 2022 transaction moved secured U.S.-dollar funding through J.P. Morgan's blockchain infrastructure within hours, while leaving its value, collateral and economics undisclosed.

Court filings divided the collapsed group into four operating silos and disclosed $481.874 million of beginning available cash under a tightly qualified five-week forecast.

Four Senate Banking Committee Democrats questioned whether SoFi’s digital-asset operations complied with its bank-approval conditions, prompting a same-date corporate response filed with the SEC.

The bankruptcy record exposed the scale of FTX’s customer liabilities while warning that inaccessible data and unreliable books made the early figures provisional.

The Chapter 11 debtors prepared selected subsidiaries for sale or reorganization while asking the Delaware bankruptcy court for authority to maintain critical services.

The asset manager cited security concerns while its flagship bitcoin trust traded at a record gap to the stated value of its underlying holdings.

New chief executive John J. Ray III told the bankruptcy court that unreliable records, weak custody controls and concentrated authority left the estate struggling to identify and secure assets.

The institutional lender said withdrawal requests exceeded its liquidity, forcing a halt that also left Gemini Earn unable to meet its five-business-day redemption standard.

The proof of concept put simulated bank-deposit tokens and central-bank reserves on a shared ledger without committing the Federal Reserve to a digital dollar.

The lender identified three links to the failed FTX group but did not quantify the exposure or provide a timetable for restoring customer access.

The exchange said assets intended for cold storage were mistakenly sent to its Gate.io account and subsequently recovered, exposing the limits of wallet disclosures as evidence of custody controls.

The bankrupt exchange restricted platform functions and began securing identifiable digital assets as the Bahamas regulator rejected claims that it had ordered preferential withdrawals.

FTX, Alameda Research and a vast network of affiliates moved into bankruptcy proceedings after a liquidity crisis overwhelmed rescue efforts.

The regulator restricted FTX Digital Markets and placed it into provisional liquidation as the exchange group’s liquidity crisis became a formal institutional intervention.

The exchange withdrew from a non-binding acquisition one day after announcing it, removing FTX’s most visible liquidity backstop as cryptocurrency prices fell sharply.

On November 8, 2022, Binance announced a conditional agreement to acquire FTX.com after the rival exchange sought help meeting a liquidity crunch.

The district court applied the Howey framework to LBRY’s token offerings, rejected its utility and fair-notice defenses, and left remedies unresolved.

Changpeng Zhao’s exit announcement and Alameda Research’s $22-per-token offer turned questions about an affiliated trading firm’s balance sheet into an immediate test of FTT liquidity and confidence.

The cloud provider disclosed a live block-producing validator while outlining prospective Solana support for Blockchain Node Engine and BigQuery.

The regulator alleged that the international program collected 82,648 bitcoin while withdrawals were funded almost entirely by other investors’ deposits.

The exchange reported $365.9 million in transaction revenue and a $544.6 million net loss, documenting how sharply the 2022 crypto contraction had reached its core business.

A private financial document reportedly listed $14.6 billion of assets, including $5.82 billion in FTX-issued tokens, exposing the risks of valuing an affiliate through its own exchange token.

The remittance company launched app-based cryptocurrency buying, selling and storage through Coinme, extending its digital-asset strategy beyond cash access points.

The October 31, 2022 policy invited global crypto businesses to Hong Kong while regulators opened applications for tightly constrained bitcoin and ether futures ETFs.

DOGE gained 64.43% in the 24-hour window ending at 06:00 UTC on October 30, far outpacing bitcoin and ether as traders speculated about Elon Musk’s newly acquired Twitter.

DOGE rose to eighth place by market capitalization, but the rally reflected speculation about Twitter integration rather than an announced product plan.

The exchange stopped HUSD trading, deposits and withdrawals while replacing customer balances with USDT at a one-for-one ratio, exposing the divide between exchange users and external token holders.

Blockchain Node Engine promised single-operation provisioning and Google-managed infrastructure, but access remained limited to a private preview.

Coinbase spot data recorded six-week highs for both assets as traders weighed a smaller-than-expected Canadian rate increase and regulators emphasized crypto’s financial-stability risks.

A House of Commons bill committee agreed that cryptoassets could fall within a proposed designated-activities regime, giving the Treasury a legislative route to address trading and investment activities.

The MKR-weighted vote advanced plans for MetaDAO clusters and a protocol-owned vault while intensifying questions about concentrated governance power.

The centralized yield platform stopped redeeming its simulated assets without providing a restart date, effectively blocking users’ principal and rewards.

A source snapshot reported BUSD at 15.48% of stablecoin supply on October 21, 2022, illustrating how an exchange’s trading and conversion policies could reshape digital-dollar competition.

Polkadot’s architect stepped away from Parity Technologies’ executive leadership while remaining its majority shareholder and chief architect, separating corporate management from protocol-focused work.

The commodities regulator counted 18 crypto-related actions among 82 cases, spanning fraud, registration failures, token manipulation and decentralized trading protocols.

The new layer-one network distributed tokens to early participants as exchanges opened APT markets, exposing uncertainty about the asset’s immediately tradable supply.

Coinbase, NYSE Arca, the U.S. Chamber and cryptocurrency policy groups asked the D.C. Circuit to reverse the agency’s decision on Grayscale Bitcoin Trust.

The proposed service divided trading and custody from bank-interface integration, offering financial institutions a route into crypto without building the entire stack themselves.

The bank subsidiary’s registration covered custody and three-way exchange services, bringing a major regulated financial institution further into France’s crypto framework without constituting a blanket product approval.

The negotiated recovery followed a governance vote that let the party behind the protocol’s drain retain roughly $47 million under a disputed “bug bounty” characterization.

The collateralized credit initiative targeted mining and infrastructure companies as record network difficulty and a major operator’s bankruptcy exposed the industry’s financing strain.

Bitcoin fell to its lowest price since September 21 after the September CPI release, then recovered above $19,000 as risk markets abruptly reversed.

The Solana-based protocol said on October 12, 2022 that two accounts exploited a rapid MNGO price increase to withdraw crypto assets it valued at approximately $100 million.

The major traditional custodian moved from planning to operating digital-asset infrastructure, although its launch record disclosed neither client balances nor transaction volumes.

CARF outlined annual cross-border reporting for transactions handled by crypto service providers, but implementation still required domestic laws and exchange agreements.

Luxor’s seven-day estimate reached 262 EH/s while low revenue per unit of computing power and an approaching difficulty increase tightened mining economics.

The change of control gave the Hong Kong fund manager’s buyout vehicle a majority stake in the exchange, although the price, ownership percentage and transaction structure remained undisclosed.

Validators halted BNB Smart Chain and adopted an emergency release that blocked identified accounts while leaving cross-chain transfers suspended.

An on-chain governance action queued a 1 million DAI pilot for a real-world-asset vault intended to move as much as 500 million DAI into Treasury and investment-grade bond strategies.

COREPER accepted the negotiated crypto framework and sent Parliament a route toward matching legislation, while formal adoption and application remained ahead.

The Commission sought evidence on manipulation and market surveillance before deciding whether Cboe could list shares of the proposed spot-backed bitcoin product.

Kim Kardashian agreed to pay $1.26 million over an EthereumMax promotion, giving the SEC a prominent test of disclosure rules for paid crypto endorsements.

The cross-chain exchange aggregator reported a rapid partial return of stolen assets, while its preliminary $21 million loss estimate and attacker attribution remained unsettled.

Block production resumed after an eight-hour halt, but client restoration and a proposed consensus fix remained unfinished on October 1, 2022.

Parallel filings alleged that Dignity’s promoters invoked $10 billion in nonexistent gold backing while selling millions of dollars in crypto assets.

The appointment installed an independent investigator to trace Celsius’s crypto holdings, account commingling, tax procedures and mining obligations without deciding creditor claims.

The September 28 action combined an unregistered-offering theory involving airdrops and bounties with allegations that trading software created artificial volume and supported token sales.

Celsius installed finance chief Chris Ferraro as interim CEO and restructuring chief, shifting control of the bankrupt crypto lender after unsecured creditors pressed for new leadership.

Most of the headline valuation represented Voyager cryptocurrency priced on September 26, while the proposed sale still required court approval, a creditor vote and other closing conditions.

The reported notice extended South Korea’s pursuit of Terraform Labs’ co-founder across borders, while leaving the underlying allegations unresolved.

A dedicated testing tracker asked node operators to exercise Bitcoin Core 24.0 across operating systems and software combinations before the unfinished release moved toward production.

Tether activated its dollar-linked token on Polkadot on September 23, 2022, giving the parachain ecosystem access to one of crypto’s largest settlement assets.

The commodities regulator paired a $250,000 bZeroX settlement with a federal case that treated the successor DAO as an unincorporated association, prompting an internal dissent over potential voter liability.

Bitcoin fell below $19,000 after the Federal Reserve raised its target range to 3%–3.25%, reinforcing how tightly crypto markets were trading around monetary policy.

The exchange operator created a dedicated institutional-crypto business, but its proposed Bitcoin and Ether custody service was not yet approved or operational.

Andrew Bragg’s consultation draft paired a crypto licensing framework with reporting requirements for banks facilitating China’s digital yuan, but it was not government legislation.

The successful Ethereum transition did not insulate crypto markets from inflation and interest-rate pressure, with ether losing more than 20% over seven days in contemporaneous pricing.

The statement left Kwon’s location unresolved three days after a South Korean court issued an arrest warrant connected to the collapse of the Terra ecosystem.

Nine agency reports organized federal policy around consumer protection, financial stability, illicit finance, payments, innovation and a possible digital dollar without creating new law.

The mainnet transferred block production from miners to Beacon Chain validators without interrupting the ledger, completing Ethereum’s most consequential consensus change.

The warrants moved the aftermath of TerraUSD and LUNA’s collapse into a criminal investigation centered on alleged violations of South Korea’s capital-markets law.

Bitcoin and ether fell sharply after an unexpectedly persistent inflation reading reinforced the market’s focus on restrictive U.S. monetary policy.

The coffee chain planned to place blockchain collectibles behind familiar rewards credentials and card payments, testing whether tokenized loyalty could reach mainstream consumers without requiring crypto fluency.

The September 11 snapshot showed event-specific interest in ether layered onto a broader macro-driven cryptocurrency recovery.

A Coinbase BTC-USD candle shows bitcoin closing the September 10 UTC session 12.1% above its September 9 open, although venue differences and overlapping macro forces limit any causal reading.

The at-the-market facility gave the enterprise-software company fresh capacity to issue shares while extending its balance-sheet commitment to bitcoin during the 2022 market contraction.

Six users asked a federal court to set aside OFAC’s designation, opening a consequential dispute over whether sanctions law could reach autonomous Ethereum smart contracts.

The software introduced new interoperability, capacity and smart-contract features, but Algorand’s technical record indicated network activation was still pending.

The Beacon Chain crossed epoch 144896 at 11:34:47 UTC, adopting the consensus-layer rules required for Ethereum’s planned transition from proof of work.

The planned 1:1 consolidation promised deeper internal liquidity while removing numerous rival-stablecoin trading pairs and changing how customer balances would appear.

LG Art Lab brought NFT discovery, trading and display to compatible U.S. televisions, turning the company’s Hedera governance relationship into a consumer product during a weak crypto market.

The partners proposed a non-custodial marketplace combining TDEX, Liquid and Blockstream AMP, but the application, liquidity and Swiss authorization remained future objectives.

The mainnet date followed a reported readiness review spanning Cardano’s node operators, exchanges and largest decentralized applications.

The joint proposal sought consistent, confidential reporting of crypto strategies and exposures so federal regulators could assess concentration and systemic risk.

The U.S. accounting standard-setter unanimously adopted five criteria for assets covered by its developing crypto project, excluding NFTs and leaving measurement rules for another meeting.

Court-appointed managers took control of the troubled crypto lender after its withdrawal freeze, extending the institutional fallout from the 2022 digital-asset credit crisis.

The cash-settled contracts gave institutions a regulated route to manage bitcoin-euro and ether-euro exposure without using a dollar-denominated benchmark.

BTC-USD closed the UTC session at $19,554.03, completing a 9.11% weekly decline as Powell’s restrictive policy message weighed on risk assets.

The weekend breach extended a macro-driven retreat after Jerome Powell warned that restrictive monetary policy would need to persist, although fragmented price feeds recorded different lows and percentage changes.

Bitcoin approached $20,000 and ether fell more sharply after the Federal Reserve chair warned that restrictive monetary policy would persist.

The buyer attributed the collapse of its planned 51% acquisition to uncertainty over how long Thailand’s leading crypto exchange would need to resolve regulatory issues.

The August 24 announcement fixed Bellatrix at Beacon Chain epoch 144896 and set the total-difficulty trigger that would end proof-of-work block production on Ethereum.

The congressman asked how sanctions and appeal procedures could apply to autonomous Ethereum contracts that could continue operating without a conventional intermediary.

The August 22 announcement directed Treasury to classify the crypto ecosystem before developing licensing, custody and consumer-protection rules.

The older Ethereum collection moved ahead by 1.46 ETH during an afternoon observation, then surrendered the lead as thin NFT listings shifted again.

Bitcoin recovered modestly during the August 20 UTC session, while ether extended its decline and both assets remained sharply lower over seven days.

The banking regulator told FTX US and four crypto-related websites to correct representations suggesting that exchanges, brokerage accounts, cryptocurrency or stocks carried federal deposit insurance.

The proposed contract would give institutions a regulated option on a 50-ether futures position, expanding the tools available for managing risk around Ethereum’s planned transition to proof-of-stake.

The Québec public-asset manager marked its crypto-lender stake down to zero while preserving its rights in the unresolved bankruptcy.

SR 22-6 established a pre-engagement supervisory checkpoint covering custody, trading facilitation, crypto-backed lending and stablecoin activity without approving or prohibiting any particular service.

Crypto-focused banks gained a defined route to Federal Reserve account review, but uninsured and lightly supervised applicants faced the strictest scrutiny and no guarantee of access.

The two largest cryptocurrencies reclaimed closely watched thresholds as softer U.S. inflation data and Ethereum’s tentative Merge schedule revived risk appetite.

The hard fork increased the mandatory ring size from 11 to 16 while introducing Bulletproofs+, view tags and revised fee mechanics.

The Dutch financial-crimes agency said an unnamed 29-year-old suspect was brought before an examining judge as scrutiny of the Ethereum privacy service expanded from sanctions to criminal enforcement.

The last major public testnet trial before Ethereum’s planned mainnet transition reached finality, while participation losses and client-configuration problems gave developers a final list of risks to investigate.

Goerli crossed its planned terminal difficulty and joined the Prater beacon chain, testing Ethereum's two-client proof-of-stake design before any mainnet date was official.

The exchange’s second-quarter results documented falling customer activity, shrinking assets on platform and the financial damage caused by the 2022 crypto-market downturn.

The Treasury Department placed the Ethereum-based mixer and associated blockchain identifiers on its blocked-persons list, creating immediate compliance questions for digital-asset businesses.

The exchange created venue-specific markets for proof-of-stake and possible proof-of-work outcomes before Ethereum had finalized the mainnet Merge parameters.

Conflicting accounts of a previously announced acquisition exposed uncertainty over responsibility for WazirX after Indian authorities froze ₹64.67 crore in bank balances.

The enforcement action over alleged loan-app money laundering exposed conflicting accounts of who owned and controlled the Indian cryptocurrency exchange.

The planned integration put bitcoin trading, custody and reporting inside an established institutional portfolio workflow, while limiting access to clients of both companies.

Thousands of software wallets were drained with valid signatures, shifting investigators’ attention from Solana’s core protocol to compromised private-key material associated with Slope.

The state’s financial regulator found anti-money-laundering, transaction-monitoring, cybersecurity and consumer-protection failures at the licensed cryptocurrency platform.

Active exploitation began at 21:32 UTC, with the full loss becoming measurable only after the drain continued into August 2.

The July 31 month-end record showed a sharp Ethereum-led recovery, although both assets remained deeply negative for 2022.

A Reuters intraday quote showed a 3.36% gain, while CoinMarketCap’s broader snapshot recorded a 0.62% 24-hour decline—an important benchmark distinction during a fragile recovery.

The agency said crypto assets and failures of nonbank platforms were not covered, while warning insured banks to monitor representations made by their digital-asset partners.

The consultation proposed treating qualifying crypto-tokens as “data objects,” addressing ownership, transfers, custody and remedies without declaring every digital asset property.

Bitcoin and ether advanced alongside equities after an expected rate increase, but the reaction did not erase the tightening pressure confronting digital assets.

The reported inquiry extended regulatory uncertainty from an employee insider-trading case to the exchange’s asset-classification process and core business model.

The reported inquiry asked whether the exchange let Americans trade digital assets that should have been registered as securities, escalating a dispute already visible in the SEC’s Coinbase insider-trading case.

The blockchain-intelligence company found common infrastructure and fund movements across compromises, but its loss estimate and attribution remained limited by a proprietary dataset.

An attacker manipulated the protocol’s voting system, transferred the community treasury and exchanged the tokens for 704.18 ETH within seconds.

The non-binding July 22, 2022 offer promised voluntary access to part of customers’ bankruptcy claims, but left recovery amounts, valuation and court approval unresolved.

Parallel civil and criminal cases alleged trading ahead of Coinbase listings, but only the SEC action depended on treating specified crypto assets as securities.

The electric-vehicle maker added $936 million in cash through second-quarter conversions, sharply reducing a corporate crypto position that had symbolized institutional adoption.

Blockchain tracing from a hospital’s reported Bitcoin payment led federal investigators to two cryptocurrency accounts, another healthcare victim and funds the government sought to return.

At its July 18, 2022 first-day hearing, the crypto lender presented mining as a potential source of value while a roughly $1.2 billion balance-sheet deficit confronted customers and the court.

Ethereum’s token sharply outperformed bitcoin over seven days, although the available data cannot establish that the provisional Merge timetable caused the move.

Ether decisively outperformed bitcoin on July 16, 2022 after Ethereum developers outlined a provisional path toward the network’s proof-of-stake transition.

Validators restored block production after Celo’s first reported mainnet outage, while the cause remained under investigation and some exchange transfers awaited normalization.

A ninth mainnet shadow fork exposed client and scheduling issues as core developers outlined—but did not finalize—a possible Merge during the week of September 19.

The crypto lender entered bankruptcy with more than 100,000 estimated creditors and said it was not seeking immediate authority to reopen customer withdrawals.

The department invited data on crypto adoption, insolvency, custody, fraud and financial inclusion to inform the Biden administration’s developing policy framework. The consultation did not propose or enact a rule.

The listed video-game retailer opened a non-custodial, layer-two marketplace as part of its costly push beyond physical retail, but disclosed no launch-day adoption or revenue figures.

A reported change in legal advisers signaled that the crypto lender’s four-week withdrawal freeze had become a formal balance-sheet and stakeholder crisis.

The non-consensus patch removed a faulty ledger optimization after Algorand’s test network stopped finalizing blocks for roughly five hours.

The Federal Reserve vice chair argued on July 8, 2022 that crypto lending, stablecoins and decentralized finance should face comparable outcomes and disclosures when they create risks resembling traditional finance.

The plan organized U.S. engagement on crypto regulation, financial stability, illicit finance, payments and CBDCs without creating binding rules or authorizing a digital dollar.

The second of three public testnet transitions finalized, advancing Ethereum’s mainnet preparations while exposing validator-configuration risks.

The crypto platform reported more than 100,000 creditors after freezing customer activity and exposing a concentrated loan to Three Arrows Capital.