Crypto Exchange Issues Default Notice to Three Arrows Capital, Withdraws $75M

Cryptocurrency exchange Voyager Digital issued a default notice to Three Arrows Capital (3AC) after the hedge fund failed to make required payments on its 15,250 BTC and $350 million USD Coin (USDC) loans.

In addition, Voyager announced that it has withdrawn $75 million from the $200 million cash and USDC emergency credit facility provided by Alameda Ventures. The line also includes a revolving credit of 15,000 Bitcoins (BTC).

As of this morning, the company has $137 million in cash and crypto on its hands. The brokerage also hired investment bank Moelis & Company as a financial advisor.

Voyager shares tumbled about 60% last week after the company disclosed that it had exposure to 3AC fund, which it said had suffered heavy losses from the sharp downturn in the cryptocurrency market.

“We are working quickly and diligently to strengthen our balance sheet and pursue options so we can continue to meet our clients’ liquidity demands,” said Voyager CEO Stephen Ehrlich.

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