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Voyager Digital Issues Default Notice to Three Arrows Capital
The crypto broker also draws down $75 million on Alameda Ventures revolver.
Updated May 11, 2023, 5:40 p.m. Published Jun 27, 2022, 12:24 p.m.
Crypto brokerage Voyager Digital (VOYG.TO) has issued a notice of default to Three Arrows Capital (3AC) after the beleaguered hedge fund failed to make the required payments on its loans of 15,250 bitcoins and $350 million in USDC, worth about $670 million at current prices.
- Voyager also announced it has drawn down $75 million of the emergency $200 million cash and USDC credit line provided by Alameda Ventures. That facility also included a revolver of 15,000 bitcoins (BTC).
- As of Monday morning, the company has $137 million of cash and crypto assets on hand. The exchange has also retained investment banker Moelis & Co. as a financial adviser.
- Voyager's share price plunged more than 60% last week after it disclosed it had exposure to 3AC, which had previously said that it had suffered heavy losses from the sharp downturn in the crypto market.
- "We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands," CEO Stephen Ehrlich said.
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Read more: Three Arrows Capital Confirms Heavy Losses From LUNA's Collapse, Exploring Potential Options: Report
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