Cryptocurrency broker Voyager Digital reduced the daily withdrawal limit to $10,000 (from $25,000). Earlier the company stated that it could send the hedge fund Three Arrows Capital (3AC) a ‘default notice’ if the latter does not repay the loan.
According to the press release, Voyager Digital extended a loan to 3AC of 15,250 BTC (~$311 million at the time of writing) and 350 million USDC. On June 24, the company asked to settle part of the debt totaling 25 million USDC, and then demanded repayment of the entire loan in BTC and stablecoins by June 27.
No payment has been made on any of these positions. Non-payment by 3AC of any of the requested sums by the specified deadlines will constitute a default event. Voyager intends to pursue collection from 3AC and is consulting advisers about available legal remedies. At this time the company cannot estimate the amount that could be recovered from 3AC, — the statement said.
To protect client assets, Voyager Digital agreed with Alameda Research on a loan of $200 million in USDC and the opening of a revolving credit line for 15,000 BTC.
The company noted that as of June 20, 2022 it held $152 million in fiat currency and digital assets, and $20 million that it could use to buy USDC.
On June 22, the broker said it had signed a definitive financing agreement with Alameda Research.
This morning, we announced a definitive agreement with Alameda Ventures for a $200 million dollar cash / USDC revolver and a 15,000 BTC revolver.
Read today’s release: https://t.co/8wPfzcaI6K
— Voyager (@investvoyager) June 22, 2022
In May 2022, Sam Bankman-Fried’s company became the lead investor in Voyager Digital’s funding round for $60 million. Last Sunday the billionaire said that amid the crisis the exchange he runs should ‘intervene’ and help other players in the industry.
Earlier, 3AC co-founder Kyle Davies said that the hedge fund is considering selling part of its assets to rescue itself.
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