Voyager makes a $500 million loan deal with Alameda in response to 3AC risk
Three Arrows Capital owes Voyager 15,250 BTC and $350 million USDC, as stated by Voyager.
Factors such as exposure to crypto venture capital company Three Arrows Capital, trading platform Voyager Digital acquires a loan from trading business Alameda Research (3AC).
Voyager Digital said in a press statement that it had borrowed 15,000 Bitcoin (BTC) from Alameda to offset the losses incurred as a result of its exposure to the 3AC contagion.
Voyager also indicated that it may issue a notice of default to 3AC if the firm fails to repay its debts. The company said that 3AC owes the Voyager 15,250 BTC and $350 million USD Coin (USDC) and highlighted that demands for repayment had been addressed to 3AC.
The desired payback entails a payment of $25 million on Friday and the remaining amount on Monday. If 3AC fails to pay any of the stipulated sums, it will constitute a default.
Voyager said that it intends to seek legal action to recover its monies from 3AC and is working with the company’s attorneys to identify viable legal options. Voyager also noted that, at this time, they are unable to estimate the quantity of 3AC that may be retrieved.
Sam Bankman-Fried, the founder of Alameda Research, said earlier in June that the company is aiming to avoid the spread of the bear market contagion inside the cryptocurrency ecosystem. Bankman-Fried said in an interview that he wants to do anything he can to assist the crypto ecosystem flourish.
Last Monday, 8 Blocks Capital’s Danny Yuan urged platforms holding 3AC money to immediately suspend their accounts. Due to speculations about the company’s collapse, Yuan said that freezing 3AC’s assets might aid in its recovery during future legal processes.