Crypto broker Voyager Digital is chasing down crypto hedge fund Three Arrows Capital (3AC) for owed money.
Voyager Digital, reportedly, lent 3AC $350 million in the stablecoin USDC and 15,250 Bitcoin, totaling over $673 million at today’s prices.
On June 22, Voyager claimed it had requested a partial $25 million USDC repayment by June 24. It added that it sought full repayment by today.
Neither of these requests has been met, leading to this afternoon’s default notice and strengthening claims that 3AC is insolvent.
A default notice is a formal response issued by a lender whenever a borrower has missed payments on their loan.
Such a note doesn’t ensure that the lender will be made whole, but it may mean they could soon collect the initial collateral.
Voyager is reportedly in discussions with its advisors “as to legal remedies available.”
