Voyager Digital issues default notice to 3AC

The cryptocurrency broker Voyager Digital sent a default notice to hedge fund Three Arrows Capital (3AC) for failing to meet obligations due to nonpayment of the loan, as the press release says.

The broker extended 3AC a loan of 15,250 BTC (more than $323.4 million at the time of writing) and 350 million USDC. On June 24, the company asked to repay part of the debt amounting to 25 million USDC, and subsequently demanded repayment of the entire loan in BTC and stablecoins by June 27.

“Voyager intends to recover losses from 3AC and is consulting with advisers on available legal remedies,” said representatives of the platform.

According to the release, Voyager continues to operate. As of June 24, 2022, the broker held about $137 million in fiat currency and digital assets.

On June 22, Voyager Digital reached an agreement with Alameda Research Sam Bankman-Fried regarding a loan of $200 million USDC and the opening of a revolving credit line for 15,000 BTC. The firm emphasised that it still has access to these funds.

“We are working diligently and promptly to strengthen our balance sheet and explore options to continue meeting clients’ liquidity needs,” said Voyager CEO Stephen Ehrlich.

In May 2022, Alameda Research became the lead investor in Voyager Digital’s $60 million funding round. In June Bankman-Fried stated that amid the crisis the exchange he runs, FTX, should “step in” and help other players in the industry.

On June 23, Voyager Digital reduced its daily withdrawal limit from $25,000 to $10,000 amid problems with 3AC.

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