Voyager Digital issued a notice of default to the beleaguered crypto fund Three Arrows Capital (3AC) over a loan debt.
- Voyager Digital sent a notification to Three Arrows Capital.
- Three Arrows Capital defaulted on more than $650 million in loans.
- The crypto-fund is facing insolvency problems.
The cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. hedge fund,Three Arrows Capital capital is most commonly defined as the large sum of money you would use to invest.which is in insolvency trouble, has received a notice of default for failing to repay more than $650 million in loans.
The cryptocurrency platform a place to buy, sell and store cryptocurrency Voyager Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. which offers up to 12% in yields, filed the notice of default, according to a communiqué this Monday. According to the report, Travel issued the notice toThree Arrows Capitalbetter known as 3AC, for a debt of 15,250 bitcoins (about USD $324 million) and USD $350 million in USDC.
The beleaguered cryptocurrency has apparently failed to make required payments on its loans to the platform. Travel said that, despite these drawbacks, it continues to operate and fulfill orders and withdrawals of its customers.
The company also announced that it had accessed $75 million of a credit facility provided by Alameda Ventures and that it could make more use of these resources as needed. Travel said it has USD $137 million in cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. and digital assets available.
“ We are working diligently and promptly to strengthen our balance sheet and seek options to continue to meet customer liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. demands. “, dijo Stephen Ehrlich CEO of Travel in the statement.
Voyager affected by 3AC
The news comes asThree Arrows Capital faces insolvency difficulties due to million-dollar liquidations. The reputable Singapore-based fund liquidated its positions this month after failing to meet margin calls.
The fund’s co-founders, Su Zhu and Kyle Davies, admitted in an interview for Wall Street Journal that the firm was facing significant losses following the collapse of Earth and the recent broader drop in the cryptocurrency market. 3AC had invested more than USD$200 million in LUNA, the token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. of Earth which plummeted to zero in May.
Davies said at the time to Wall Street Journal that the company “ hopes to reach an agreement with creditors that will give it more time to work out a plan “.
Voyager Digital announced last week that it was reducing the limits allowed for its daily withdrawals from USD $25,000 to USD $10,000, with a maximum of 20 withdrawals, after admitting it had exposure to 3AC. The company’s share price plummeted more than 60% after disclosing the cryptocurrency exposure and announcing the move, as picked up by CoinDesk .
Travel based in Toronto, Canada, said in its statement today that it has hired investment bankerMoelis & Company as a financial advisor to deal with the current situation.
- Three Arrows Capital considers selling assets and having another company bail them out
- Goldman Sachs seeks to raise $2 billion to buy Celsius assets, report says
- Celsius Network a network refers to all nodes in the operation of a blockchain at any given moment in time. contemplating bankruptcy and seeking legal advice, reports reveal
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Depositphotos