Voyager Digital Serves Three Arrows Capital A Default Notice On Its $650 Million Loan


Summary:

  • Voyager previously disclosed its exposure to 3AC, worth over $650 million.
  • 3AC’s loan included $350 million in USDC and some 15,250 Bitcoins.
  • Voyager set June 27 as the deadline for repayment.
  • The latest update suggests that the digital asset platform intends to pursue recovery.
  • Voyager secured a revolving credit line from SBF-backed Alameda Research featuring $200 million USD and 15,00 BTC.
  • $75 million has been deployed so far to keep customer withdrawals and redemptions operational.
  • 3AC founders Su Zhu and Kyle Davies remain silent on social media regarding the matter.

Voyager Digital issued a notice of default to crypto hedge fund Three Arrows Capital on Monday. The notice comes after 3AC supposedly failed to meet the repayment deadline of June 27 previously announced by Voyager last week.

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As EthereumWorldNews reported, 3AC owes Voyager some 15,250 BTC approximately worth $325 million at today’s prices. The loan also includes $350 million in Circle’s USDC stable coin.

Voyage’s announcement last week revealed that 3AC owes the platform over $650 million. The crypto hedge fund has not repaid any digital assets as of press time.

Monday’s announcement reaffirmed that Voyager Digital plans to pursue recovery from 3AC. The platform is currently in talks with company advisors and assessing legal remedies, per the latest statement.

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Rumors emerged that 3AC was faced with insolvency following a drastic downturn in the crypto market. Bitcoin’s price fall supposedly opened up a can of worms, placing crypto lenders and hedge funds alike in tricky situations.

Celsius and Babel both halted withdrawals and redemptions on their platforms citing liquidity pressure. 

3AC co-founder Su Zhu is yet to break silence over the matter. Zhu’s last tweet was published on June 15 and said that the company was working with relevant parties to find a solution.

Voyager Digital’s $485 Million Loan From Alameda Research Comes In Handy

Withdrawals on Voyager Digital remain active at press time, thanks to a 15,000 BTC and $200 million cash revolving credit line secured from Sam Bankman-Fried’s Alameda Research. The platform has used around $75 million on the loan so far.

We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands.

Voyager will continue to access the credit line as needed, per Monday’s update.




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