Media: Voyager Digital demanded crypto assets worth $650 million from 3AC

Voyager Digital shares fell by 60% after information appeared that the crypto broker provided the Three Arrows fundCapital (3AC) crypto assets worth more than $650 million.

According to CoinDesk, Voyager Digital has issued a loan to 3AC for 15,250 BTC (~$308 million at the time of writing) and 350 million USDC.

“3AC indebtedness makes the issues relevant,related to the survival of Voyager Digital,” said Compass Point analyst Chris Allen. “Given that Three Arrows Capital plans to sell assets or bail out through another firm, it is unclear whether the fund will be able to repay its loans.”

According to him, even if 3AC finds a way to pay off the obligations, the process will take some time.

Voyager Digital demanded that the fund refund $25 million in USDC by June 24. The broker then decided to collect the entire amount on June 27. 

Representatives of the company said that to date, the requirements have not been met. If 3AC does not repay the debt soon, Voyager Digital will issue a Notice of Default.

“Failure to pay the requested amount inthe specified terms will be considered as non-fulfillment of obligations. Voyager intends to seek a refund from 3AC and is currently consulting on available legal remedies,” the company said.

Voyager Digital (VOYG) hourly stock chart. Data: Trading View.

On June 18, cryptocurrency broker Voyager Digital announced that Alameda Research has provided it with a 200 million USDC loan and a 15,000 BTC (~$300 million) revolving line of credit.

The agreement runs until December 31, 2024. The terms require payment of interest at the end of this period, based on a rate of 5% per annum. 

In May, Alameda Research led a funding round  Voyager Digital for $60 million.

Recall that 3AC is exploring the possibility of selling assets to save the company, and is also trying to negotiate with creditors to defer payments.

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