Voyager Digital considers ‘notice of default’ to 3AC for loan
Voyager Digital, one of the market’s crypto brokers that provided loan facilities to Three Arrows Capital (3AC), said it may be forced to issue “a notice of default” to the beleaguered crypto hedge fund.
Voyager said he was considering this because 3AC has yet to repay a loan he owes the crypto broker, which was exposed to 15,250 BTC and $370 million USDC in exposure.
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3AC must repay its loan by June 27
The company said in a update Wednesday that he had recently asked 3AC to settle part of the loan ($25 million USDC) by June 24. He then complied with this request by demanding that the entire loan (BTC and USDC) be repaid by June 27, 2022.
Both dates have yet to pass, but Voyager says it would “constitute an event of default” if that happened.
The company is therefore ready to pursue the recovery of funds from the Singapore-based crypto hedge fund, it added in the statement. This includes by all available legal means.
Voyager recently secured a credit facility from Alameda, with the loan consisting of $200 million in cash and USDC as well as 15,000 BTC. The company will use this facility to protect its clients’ assets as the industry navigates a brutal bear market.
According to the latest update, Voyager has approximately $152 million in cash and also holds “crypto assets”. There is also around $20 million set aside for the purchase of USDC.
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