Voyager Digital is Making good On its promise to pursue crypto hedge fund Three Arrows Capital (3AC) for the money owed.
crypto broker is informed of 3AC to lend $350 million in stable currency USDC and 15,250 BitcoinTotal over $673 million at today’s prices.
On June 22, Voyager claimed that it had requested a partial $25 million USDC repayment by June 24. It said that he sought full repayment till date.
It appears none of these requests have been met, leading to this afternoon’s notice of default and reinforcing 3AC’s claims of bankruptcy.
a default notification It is a formal response issued by a lender whenever a borrower defaults on a payment on his loan. Such a note does not ensure that the lender will be complete, but it may mean that they may soon collect the initial collateral.
Voyager acknowledged that although it intends to recover the entirety of the loan, the firm is “unable to assess at this point the amount it will be able to recover from 3AC,” according to statements made last week.
The firm is reportedly in discussions with its advisors “as available legal remedies,” continues today’s announcement.
3AC’s Crypto Crisis
Led by 3AC, once the darling of crypto’s fiery bull market su zhu And Kyle DavisIt has been badly affected by the recent accident.
As the bear market deepened, triggered by the explosion of Terra (another crypto project backed by 3AC), various firms including BitMEX, BlockFi and Genesis Trading liquidated 3AC’s outstanding loans.
Amidst the chaos, crypto exchanges ftx And trading firm Alameda Research has stepped in to supply bailouts to affected firms.
exchange is expected Acquire a $250 million stake In BlockFi, and Alameda has already issued a revolving line of credit to Voyager to stay afloat.
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