Is three arrows capital insolvent?

Blockchain.com CEO Peter Smith said in a letter to shareholders that Three Arrows Capital (3AC), the over-leveraged hedge fund that is now subject to a liquidation, "is rapidly becoming insolvent and the default impact is approximately [USD] 270 million worth of cryptocurrency and US dollar loans from Blockchain.com," according to Coindesk.

Will blockchain com lose $270 million from lending to three arrows capital?

Blockchain.com “remains liquid, solvent and our customers will not be impacted,” wrote CEO Peter Smith in a letter to shareholders. Cryptocurrency exchange Blockchain.com stands to lose $270 million from lending to Three Arrows Capital, the over-leveraged hedge fund now the subject to a liquidation order in the British Virgin Islands.

Who is Peter Smith?

Peter Smith, CEO of Blockchain.com. Source: a video screenshot, Youtube/ The Business of Fashion