Welcome to the Tech Mem Right Home for Wednesday, June 15th, 2022. I'm Brian McCullough.

Today is a major crypto hedge fund about to blow up. How the Celsius network got in such hot water,

YouTube lets you make corrections why Apple's deal for major league soccer is such a big deal

and pour one out definitively, finally for Internet Explorer.

Here's what you miss today in the world of tech. Well, the contagion looks like it's spreading.

sources are telling the block that

crypto hedge fund Three Arrows Capital faces an uncertain future after a $400 million liquidation.

The CEO of the Fund tweeted they are, quote,

committed to working this out, which they would be.

Quoting.

According to well-placed sources, the investment firm, which counts the likes of options exchange

Deribit and financial services firm Blockfai among its venture bets, is in the process of figuring out how to

repay lenders and other counterparties after it was liquidated by top tier

lending firms in the space. Sources declined to share the names of those firms on the record for fear of reprisal,

but three people said the liquidation totaled at least 400 million dollars.

They added that the firm has maintained limited contact

with its counterparties since being liquidated.

The liquidation event is just one of several setbacks by the firm, which has backed projects

like Avalanche, Polkadot, and Ether, which are all down 57%, 38.8% and 47% over the last 30 days, respectively.

The fund sustained significant losses during the collapse of the Terra ecosystem last month after investing heavily in its native

token, Luna.

The firm, which reportedly managed approximately $10 billion at market peak, by some estimates,

...