Voyager Digital issues notice of default to Three Arrows Capital

Crypto exchange Voyager Digital has issued a notice of default to hedge fund Three Arrows Capital (3AC) for its failure to pay its 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) loan disclosed in a previous statement. 

In a market update by Voyager, the exchange noted that it’s currently exploring “legal remedies” that are available with its advisors and is aiming to pursue the recovery of its funds from 3AC.

Additionally, Voyager disclosed that the firm has $137 million in cash and crypto as of June 24, 2022. The company also assured its user that the platform is continuing to operate and fulfill their users’ orders and withdrawals.

Apart from these, the company also employed global investment bank Moelis & Company as its financial advisers to help its efforts stabilize amid its exposure to 3AC. According to Voyager CEO Stephen Ehrlich, the team is currently working to strengthen its balance sheets and pursuing other options to continue to comply with the liquidity demands of its users.

Voyager notes that it has access to the $500 million funds from its loan agreement with trading Alameda Research. At the moment, the firm said that it accessed $75 million worth of funds from Alameda.

Related: SEC’s Hester Peirce opposes crypto bailouts – SBF didn’t get the memo

Last week, Voyager has given 3AC deadlines for the repayment of its BTC and USDC loans. The firm requested $25 million to be paid last Friday and also requested the payment of the total balance today. However, despite the deadlines given, 3AC was unable to comply.

On June 22, Voyager’s share price plummeted by 60% as crypto stocks went on a downward dive. The next day, Voyager has reportedly cut its withdrawal amount to $10,000 amid its current issues with 3AC.

All Dutch and English crypto news!

US lawmakers appeal directly to 4 mining firms, requesting info on energy consumption

Four members of the United States House of Representatives from the Energy and Commerce Committee have demanded answers from four major crypto mining firms in...

A sharp drop in TVL and DApp use preceded Avalanche’s (AVAX) 16% correction

After an impressive 73% rally between July 13 and Aug. 13, Avalanche (AVAX) has faced a 16% rejection from the $30.30 resistance level. Some analysts...

Ripple partners Travelex Bank to launch XRP-enabled enterprise payments in Brazil

Ripple's partnership with Travelex Bank will see customers of the locally regulated bank benefit from XRP-powered cross border payments settled on RippleNet's On-Demand Liquidity (ODL)...

Nigeria aims for millions of new eNaira users as it increases features, targets unbanked

The eNaira, Nigeria's central bank digital currency (CBDC), will enter the second phase of its expansion with new technology to beef up its user base,...

Beste exchanges

Koop je crypto bij Bitvavo