Cryptocurrency broker Voyager announced the default of Three Arrows Capital

Posted 27 June, 2022

U.S. crypto company Voyager Digital LLC has issued a default notice to crypto fund Three Arrows Capital (3AC) for failing to make required loan payments, according to a white paper. In total, 3AC received loans from Voyager for 15.2 thousand BTC and 350 million USDC.

Voyager Digital said it intends to pursue debt collection and is looking into the legal remedies available to them. The digital investment bank Moelis & Company was engaged as a financial advisor.

Voyager explained that the platform continues to operate and has the financial capacity to continue fulfilling obligations to customers. The company clarified that it has its own funds, and also has access to a credit line from the Alameda Investment Fund.

In mid-June, Hong Kong-based trading company 8BlocksCapital accused cryptocurrency hedge fund Three Arrows Capital of stealing $1 million. 3AC is suspected of using borrowed funds to replenish its trading accounts when receiving margin calls.

The fund suffered losses during the collapse of the Terra ecosystem and faced further challenges when major cryptocurrency lender Celsius Network suspended all withdrawals, swaps, and transfers between accounts.

 

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