Voyager issued a notice of default to Three Arrows Capital today. The hedge fund failed to repay its 15,250 bitcoin and $350 million loan to the cryptocurrency exchange; Voyager will now seek legal means to recover its funds. Voyager continues to be fully operational thanks to a loan from Alameda Research.
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Three Arrows Capital, which failed to repay Voyager Digital’s $665 million loan, today issued the company’s first notice of default. Voyager customers will not be affected by the default because Alameda has extended credit to cryptocurrency exchanges to meet “customer liquidity needs.”
3AC’s first default
Cryptocurrency exchange Voyager has issued a notice of default to Three Arrows Capital over its $665 million debt.
According to the company’s Press release, Three Arrows Capital failed to pay Voyager’s requested amount by the deadline requested. Voyager exposed 15,250 BTC (over $315 million at the time of writing) and $350 million in USDC to the notorious crypto hedge fund.
Co-founded in 2013 by Su Zhu and Kyle Davies, Three Arrows Capital is one of the most successful crypto hedge funds in the world. The multibillion-dollar company has made a name for itself in the crypto community for advancing the “supercycle” theory that Bitcoin will never suffer the same brutal declines it did in its early days.
According to reports, the hedge fund annihilate The market crashed two weeks ago.Multiple crypto companies and protocols are pretentious Liquidity issues by companies, including Voyager. However, as of today, Three Arrows Capital has not received any notice of default.
Voyager had previously asked the company to repay its $25 million outstanding loan by June 24 and pay off its balance by June 27. It will now be “recovered” from Three Arrows Capital through legal means.
The press release indicates that the platform continues to be fully operational; customer withdrawals have not been affected. To safeguard “customer liquidity needs” Voyager guaranteed Received a loan of 15,000 bitcoins and $200 million from crypto trading firm Alameda Ventures last week; the firm also claims to have $137 million and crypto assets on hand.
Still, Voyager’s stock (VOYG) was negatively impacted by the news. The company’s common stock is currently trading at $0.50, down from $0.60 at the open of the day.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
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