Crypto Broker Voyager Likely To Issue Default Notice To Three Arrows
Crypto broker Voyager Digital Ltd said on Wednesday it may issue a default notice to its subsidiary Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its debt.
Voyager’s total exposure to Three Arrows Capital includes 15,250 bitcoin (approximately $310 million) and 350 million USD coin (USDC).
The company said it had initially asked for a repayment of $25 million USDC by June 24, and later requested that the full amount be repaid by June 27. However, none of these have been repaid, Voyager said.
Voyager is also discussing available legal remedies to recover the amount from the hedge fund.
Hurt by the collapse in the digital asset market, the Wall Street Journal reported last week that Three Arrows is exploring options including asset sales and a bailout by another firm.
Three Arrows did not immediately respond to a Reuters request for comment.
Earlier this month, Voyager signed an agreement For a revolving line of credit with Alameda Ventures Ltd., crypto prices have taken a hit as demand for access to additional capital to meet the liquidity needs of its clients.