2022-6-23 16:54 |
Voyager Digital, one of the crypto brokers in the market that extended loan facilities to Three Arrows Capital (3AC), says it might be forced to issue “a notice of default” to the embattled crypto hedge fund.
Voyager said it was considering this as 3AC is yet to repay a loan it owes the crypto broker, which has been put to an exposure of 15,250 BTC and $370 million USDC.
3AC has to repay loan by 27 JuneThe company said in an update on Wednesday that it had recently asked 3AC to settle part of the loan ($25 million USDC) by 24 June. It then followed up on that request with a demand that the entire loan (BTC and USDC) be paid by 27 June, 2022.
The two dates have not passed yet, but Voyager says it would “constitute an event of default” should this happen.
The company is thus ready to pursue the recovery of the funds from the Singapore-based crypto hedge fund, it added in the statement. This includes via all legal means available.
Voyager recently secured a credit facility from Alameda, with the loan consisting of $200 million cash and USDC as well as 15,000 BTC. The company will use the facility to protect its customer’s assets as the industry navigates a brutal bear market.
Per the latest update, Voyager has roughly $152 million in cash and also holds “crypto assets on hand.” There’s also approximately $20 million set aside for the purchase of USDC.
The post Voyager Digital considering ‘default notice’ to 3AC over loan appeared first on Invezz.
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