Against the backdrop of problems with 3AC broker Voyager Digital lowered the daily withdrawal limit

Cryptocurrency broker Voyager Digital has reduced the daily withdrawal limit to $10,000 (from $25,000). Previously the companysaid it could issue a "default notice" to hedge fund Three Arrows Capital (3AC) if the latter fails to repay the loan.

According to a press release, Voyager Digital has released 3ACloan for 15,250 BTC (~$311 million at the time of writing) and 350 million USDC. On June 24, the company asked to close part of the debt in the amount of 25 million USDC, and then demanded that the entire loan be repaid in BTC and stablecoins by June 27.

“None of these positions were paid off.Failure to pay 3AC any of the amounts requested within the specified time frames will constitute an event of default. Voyager intends to pursue recovery from 3AC and is discussing available remedies with counsel. At the moment, the company cannot estimate the amount that can be recovered from 3AC,” the statement says.

To protect client assets, Voyager Digital agreed with Alameda Research to borrow $200 million and open a revolving credit line of 15,000 BTC. 

The company noted that as of June 20, 2022, it has $152 million in fiat currency and digital assets, as well as $20 million that it can use to purchase USDC. 

On June 22, the broker announced that it had signed a definitive financing agreement with Alameda Research.

In May 2022 Sam Bankman-Fried Companybecame the lead investor in a $60 million funding round for Voyager Digital. Last Sunday, the billionaire said that amid the crisis, the FTX exchange he leads should “intervene” and help other industry players.

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Let us remind you that 3AC co-founder Kyle Davis said that the hedge fund is considering the possibility of selling part of its assets to save itself.

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