HONG KONG, HONG KONG/LONDON : Crypto dealer Voyager Digital mentioned on Monday it had issued a discover of default to hedge fund Three Arrows Capital (3AC) for the fund’s failure to make required funds on a mortgage, in one other signal of stress within the embattled crypto trade.
The mortgage was for 15,250 bitcoin (roughly $324 million) and $350 million value of USDC, a stablecoin, Voyager mentioned in a press release. It mentioned it meant to pursue restoration from 3AC and was in discussions with its authorized advisors in regards to the authorized cures obtainable.
Singapore-based 3AC is likely one of the larger profile crypto corporations to have run into difficulties following crypto markets’ selloff in current months.
It’s exploring choices together with a sale of property and a bailout by one other agency, the Wall Road Journal reported final week.
3AC didn’t instantly reply to a Reuters request for remark.
Voyager mentioned on Monday that it continues to function and fulfil buyer orders and withdrawals, although a press release on the corporate’s web site final week mentioned it had lowered its each day withdrawal limits to $10,000 from $25,000.
Voyager mentioned in Monday’s assertion it had accessed US$75 million of a revolving line of credit score beforehand made obtainable by VC fund Alameda Ventures.
Almeda has supplied Voyager a US$200 million money and USDC revolver and a 15,000 BTC revolver.
Supply: Live Mint