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Cryptocurrency broker Voyager Digital has issued a notice that Three Arrows Capital is delinquent in debt service payments amounting to more than $650 million.
Current Three Arrows Loan PaymentsCapital (TAC) are around 15,250 BTC and $350 million in fiat currency. Voyager intends to recover damages from TAC and is discussing available remedies with the company's counsel.
“We are closely monitoring the situation andWe are working quickly to strengthen the liquidity of our balance sheet and seek options to meet all of our customers' needs,” said Voyager CEO Stephen Ehrlich.
The broker stated that he initially asked for TACto return $25 million by June 24, but there was no response to the request. Voyager then demanded from TAC that the entire amount owed be repaid no later than June 26.
The fall of the cryptocurrency market and the massiveThe liquidation of positions has led to the fact that Singaporean cryptocurrency hedge fund Three Arrows Capital is on the verge of bankruptcy. TAC co-founder Zhu Su confirmed that the company is struggling with insolvency and is exploring all options, including bankruptcy and asset sales.
</p>Previously, Voyager Digital appealed
for financial assistance from Alameda Research, which opened a $500 million revolving credit line for the company to protect client assets.
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