The mid-2022 liquidation of Three Arrows Capital (3AC) triggered widespread crypto contagion, causing over $3.5 billion in claims across major industry entities, including Genesis Global Trading, Voyager Digital, and Blockchain.com. The collapse heavily impacted portfolio projects and positions, notably in the Terra (LUNA/UST) ecosystem, Avalanche, NEAR Protocol, and Lido Finance's stETH. For more details, visit Pontem Blog .