Voyager Digital Issues Default Notice to Three Arrows Capital

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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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

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