Hedge fund Three Arrows Capital (3AC) has received a notice of default from cryptocurrency exchange Voyager Digital for failing to make payments on a loan for 350 million USD Coin (USDC) and 15,250 Bitcoin (BTC) that was previously revealed.
In a Voyager market review, the exchange noted that it is currently talking about “legal solutions” with its advisors and plans to pursue their funding to 3AC.
Additionally, Voyager revealed that as of June 24, 2022, the business has a net worth of $137 million and digital currency. The business also gave its customers the reassurance that the platform would keep running and process their customers’ orders and withdrawal requests.
In addition to this, the business has hired Moelis & Co. as its financial advisers to support its efforts to stabilise despite its exposure to 3AC. Stephen Ehrlich, chief executive officer of Voyager, said that the team is presently trying to strengthen its balance sheets and exploring additional solutions to keep up with the liquidity requirements of its users.
Voyager claims that it has access to the $500 million in funds because of its loan agreement with trader Alameda Research. The company reported that it now has access to $75 million in cash from Alameda.
Last week, Voyager gave 3AC due dates for paying back its BTC and USDC debts. Last Friday, the company asked for $25 million in payment, and they also asked for the remaining sum to be paid on Monday. However, despite the time constraints, 3AC was unable to abide by them.
Voyager’s share price fell by 60% on Wednesday as the value of crypto equities dropped. The following day, Voyager apparently reduced their withdrawal amount due to ongoing problems with 3AC to $10,000.
Read more: Binance denies clean line credit to Three Arrows Capital
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