Trading platform Voyager Digital received a loan from trading firm Alameda Research as cryptocurrency Venture Capital firm Three Arrows Capital (3AC) faces the risk of default.
Voyager receives loan from Alameda
In a Voyager Digital press release, the company signed a loan agreement with Alameda to cover losses related to 3AC.
The two-part loan from Alameda includes a cash-based credit/USDC with a total principal amount of $200 million and a revolving credit of 15,000 BTC (about $300 million) – which will only be used when necessary.
Voyager will issue a default notice to 3AC if it fails to pay its loans from Voyager. The company revealed that 3AC owes Voyager 15,250 BTC and $350 million in coins (USDC). Voyager had previously submitted a refund request to 3AC.
The requested refund includes $25 million that will be paid on June 24 and the total balance payment on June 27. If 3AC fails to pay either of the specified amounts, the company will break up.
3AC is at risk of default.
In addition, Voyager will seek legal intervention to recover funds from 3AC. Voyager is currently working with the company's lawyers to find legal action. Voyager also emphasized that, at this time, they cannot measure how much money can be recovered from 3AC.
In early June, Alameda Research founder Sam Bankman-Fried noted that the company is working to prevent the spread of the Bear market in the cryptocurrency ecosystem. In an interview, Bankman-Fried said that he will take measures to help the cryptocurrency ecosystem grow.
Last week, Danny Yuan of 8 Blocks Capital called on platforms that already own 3AC funds to freeze their accounts. In light of rumors of the company's insolvency, Yuan noted that a freeze on the 3AC fund could help recover from future legal proceedings.
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