Dear Finbloxers,
We appreciate your patience in waiting while we have been working hard in the background to assess various options and the potential impact of each option on fund recovery, liquidity, and the restoration of normal operations of the platform.
Over the past week, we have sent multiple demands to Three Arrows Capital (3AC) demanding repayment of the entire loan balance to which we have yet to receive any response. In the meantime, our team has briefed an external legal counsel to provide specialist legal support.
We are also aware of reports that 3AC may have been managing the treasuries of several decentralized finance protocols that it backed. We categorically confirm that Finblox does not have any treasury arrangements with 3AC.
We intend to activate one or more of the following in the shortest time frame possible:
Increasing withdrawal limits
Re-enabling new deposits
Restoring yield reward generation
We will provide an estimated timeline of the above as it becomes available. We know the last few days have been challenging for everyone affected. The recent events have come as a shock not only to us the Finblox team but also to the wider community. Rest assured, the team has been hard at work and taking active steps in the background, and believe we can come out even stronger afterward.
Thank you for your understanding and patience,
The Finblox Team