HONGKONG -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 price of USDC, a stablecoin, Voyager mentioned in an announcement. It mentioned it supposed to pursue restoration from 3AC and was in discussions with its authorized advisors regarding the authorized cures out there.
Singapore-based 3AC is likely one of the larger profile crypto firms to have run into difficulties following crypto markets’ selloff in current months.
It's exploring choices together with a sale of belongings 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 an announcement on the corporate’s web site final week mentioned it had lowered its day by 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 out there by VC fund Alameda Ventures.
Almeda has provided Voyager a US$200 million money and USDC revolver and a 15,000 BTC revolver.
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