Voyager Digital Sends Overdue Notice To Three Arrows Capital
Exchange Voyager Digital has announced that hedge fund Three Arrows Capital (3AC) has defaulted on its 15,250 Bitcoin and $350 million USDC debt disclosed in an earlier statement.
Additionally, Voyager revealed the company had $137 million in cash and crypto as of June 24, 2022. They also assure users that the platform is continuing to operate and fully execute user orders and withdrawals.
In addition, the company has hired the global investment bank Moelis & Company as a financial advisor to help stabilize amid the “stagnation” of 3AC. According to Voyager CEO Stephen Ehrlich, the team is currently working to strengthen its balance sheet and pursue other options to continue to comply with users’ liquidity needs.
Voyager noted it has access to $485 million from a loan agreement with investment fund Alameda Research. Currently, the company has access to $75 million in funding from Alameda.
Last week, Voyager set a deadline for 3AC to repay BTC and USDC loans. The company requested a payment of $25 million last Friday and settled the total balance on Monday. However, despite the deadline, 3AC was unable to comply.
Last Wednesday, Voyager’s share price plummeted 60% as crypto shares plunged. The next day, the company was reported to have reduced its withdrawals to $10,000 due to current issues with 3AC.
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