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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Euro value equals U.S. dollar

For the first time in two decades, the U.S. dollar is equal to the euro in value as Europe grapples with growing recession fears and the fallout from Russia’s war in Ukraine.

The euro matching or dipping below the dollar presents a mostly psychological milestone, some experts say, but central banks and policymakers across the euro zone are likely to face pressure to address depreciation concerns.

The two currencies reached parity Wednesday morning according to Bloomberg, after the euro abruptly lost value following the release of worrisome U.S. inflation data.

The euro has been losing ground against the dollar since the start of the year, when it hovered near $1.13, well off its peak of nearly $1.60 in 2008.

Judge freezes crypto fund

A federal bankruptcy court has frozen the assets of Three Arrows Capital, the once-prominent crypto hedge fund that managed as much as $10 billion in assets until it fell into liquidation last month.

In an emergency hearing Tuesday, Judge Martin Gleen of the Southern District of New York granted a motion allowing liquidators to “transfer, encumber, or otherwise dispose” of any Three Arrows Capital assets located in the U.S.

In addition, the court authorized subpoenas for the founders, whose whereabouts are unknown.

The Singapore-based company, also known as 3AC, was founded a decade ago by Su Zhu and Kyle Davies, who made both studied at Columbia University in New York City and worked for the same investment bank before making their names as crypto influencers and managers of a multibillion-dollar fund.

From wire reportsIt did not, however, survive the broader crypto market meltdown that has erased hundreds of billions in value this year.