3AC founders Su Zhu and Kyle Davies remain silent on social media regarding the matter.<\/li>\n<\/ul>\nVoyager Digital issued a notice of default to crypto hedge fund Three Arrows Capital on Monday. The notice comes after 3AC supposedly failed to meet the repayment deadline of June 27 previously announced by Voyager last week.<\/p>\n
As EthereumWorldNews reported, 3AC owes Voyager some 15,250 BTC approximately worth $325 million at today’s prices. The loan also includes $350 million in Circle’s USDC stable coin.<\/p>\n
Voyage’s announcement last week revealed that 3AC owes the platform over $650 million. The crypto hedge fund has not repaid any digital assets as of press time.<\/p>\n
Monday’s announcement reaffirmed that Voyager Digital plans to pursue recovery from 3AC. The platform is currently in talks with company advisors and assessing legal remedies, per the latest statement.<\/p>\n
Rumors emerged that 3AC was faced with insolvency following a drastic downturn in the crypto market. Bitcoin’s price fall supposedly opened up a can of worms, placing crypto lenders and hedge funds alike in tricky situations.<\/p>\n
Celsius and Babel both halted withdrawals and redemptions on their platforms citing liquidity pressure. <\/p>\n
3AC co-founder Su Zhu is yet to break silence over the matter. Zhu’s last tweet was published on June 15 and said that the company was working with relevant parties to find a solution.<\/p>\n
We are in the process of communicating with relevant parties and fully committed to working this out<\/p>\n
Voyager Digital’s $485 Million Loan From Alameda Research Comes In Handy<\/h2>\n
Withdrawals on Voyager Digital remain active at press time, thanks to a 15,000 BTC and $200 million cash revolving credit line secured from Sam Bankman-Fried’s Alameda Research. The platform has used around $75 million on the loan so far.<\/p>\n
We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands.<\/p>\n
Voyager will continue to access the credit line as needed, per Monday’s update.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Summary: Voyager previously disclosed its exposure to<\/p>\n","protected":false},"author":3,"featured_media":159263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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