Crypto broker Voyager Digital Ltd mentioned on Wednesday its subsidiary might concern a default discover to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its mortgage.
Voyager’s whole publicity to Three Arrows Capital consists of 15,250 bitcoin (almost $310 million) and $350 million USD Coin (USDC), it mentioned.
The corporate mentioned it had initially requested for compensation of $25 million USDC by June 24, and later requested that the complete quantity be repaid by June 27. Nevertheless, neither of these have been repaid, Voyager added.
Voyager can be discussing authorized cures accessible to get well the quantity from the hedge fund, it mentioned.
Harm by a rout within the digital belongings market, Three Arrows is exploring choices together with a sale of belongings and a bailout by one other agency, the Wall Avenue Journal reported final week.
Three Arrows didn’t instantly reply to a Reuters request for remark.
Earlier this month, Voyager signed an settlement https://www.prnewswire.com/news-releases/voyager-digital-provides-market-update-301572971.html with Alameda Ventures Ltd for a revolving line of credit score, looking for entry to further capital to fulfill its clients’ liquidity wants as crypto costs take successful.
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