- Voyager said that it had asked for a partial $25 million USDC repayment by June 24.
- Alameda has already given Voyager a line of credit to keep solvent.
After pledging to prosecute cryptocurrency hedge fund Three Arrows Capital (3AC) for unpaid debt, Voyager Digital has followed through. To put it another way, given today’s exchange rates, the crypto broker gave 3AC $350 million in stablecoin USDC and 15,250 Bitcoin.
Payment Request Not Fulfilled
Voyager said on June 22 that it had asked for a partial $25 million USDC repayment by June 24; this request was denied. There was also a demand for immediate payment. Due to the fact that none of these demands seems to have been satisfied, a default notice was sent this afternoon, reinforcing the argument that 3AC is insolvent.
In the event a borrower defaults on a loan, the lender will send the borrower a notice of default. A promissory note does not guarantee that the lender will be reimbursed, but it may indicate that they will soon be able to reclaim the collateral they originally put up.
Voyager said the firm is “unable to assess at this point the amount it will be able to recover from 3AC,” according to remarks made last week. According to a statement from the company’s legal counsel released today, legal options are being discussed.
3AC, under the leadership of Su Zhu and Kyle Davies, has taken a beating due to the most recent accident. Some of 3AC’s unsecured debts, including those from BitMEX, BlockFi, and Genesis Trading, were liquidated when the bear market worsened after the demise of Terra, another crypto project the company had funded.
Companies in trouble have been bailed out by the crypto exchange FTX and the research company Alameda Research amid the confusion. A $250 million investment in BlockFi is planned from the exchange, and Alameda has already given Voyager a line of credit to keep solvent.
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