CryptoCurrency News - June 27, 2022

US-based cryptocurrency platform, Voyager Digital, issued a notice of default to Three Arrows Capital (3AC) as the latter has failed to make the required payments on previously disclosed loans.

  • As CryptoPotato reported back on June 22nd, Voyager Digital came out with a statement that the company had exposure worth some $500 million to Three Arrows Capital – a cryptocurrency hedge fund that’s now supposedly insolvent.
  • Voyager also revealed that it intends to pursue recovery from 3AC but that it’s also “unable to assess at this point the amount it will be able to recover.”
  • Today, according to a press release, Voyager Digital LLC – a subsidiary of Voyager Digital LTD – announced that it has issued a notice of default to 3AC “for failure to make the required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC.”
  • It’s worth noting that the company also received a $500 million credit facility from Alameda Ventures and has already accessed $75 million of the line of credit. In addition, “it may continue to make use of the Alameda to facilitate customer orders and withdrawals, as needed.”
  • The release also informed that a default of 3AC won’t cause a default in the agreement with Alameda.
  • Speaking on the matter was Stephen Ehrlich, Chief Executive Officer of Voyager, who said:

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

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