Three Arrows Capital Allegedly Owes Voyager Digital $655M — Crypto Firm Is ‘Unable to Assess’ if It Can Recover the Funds – Bitcoin News

According to reports, Voyager Digital, listed by TSX, is another company that has had a negative impact on financial matters related to crypto hedge fund Three Arrows Capital (3AC). In a letter to investors, the Voyager administration said it would repay $ 3,555 million in loans and hoped to raise some by the end of this month.

3AC Arrow Debt Debt 3AC owes Voyager Digital $ 655 Million – Management Set Payment Date

The 3 AC financial crisis seems to be spreading across the crypto industry, with many companies claiming to be safe and others suffering. For example, a company called Finblock 3 is supported by AC Details On June 16, it had to discontinue rewards (up to 90% API) for all users, and the forum increased the issuance restrictions. This week, the officially listed crypto company Voyager Digital announced that it is handling 3AC-related issues.

In a letter to investors on Wednesday, the company said it owed $ 655 million and would pay 3AC in bitcoin (BTC) and stablecoin usd coin (USDC). Voyager is owed 15,250 BTC and $ 350 million, the company said. The management initially asked for $ 25 million to be paid by June 24, but now says it wants the full balance of the USDC and BTC by June 27.

TSX: Listed stock VOYG-T loses half of its value in a single day

With the company’s stock down 53 percent in 24 hours, the news seems to be bad for Voyager investors. Currently, the TSX-listed stock VOYG-T is down 52% and is trading at $ 0.76 per share. On June 21, VOYG-T saw its share of $ 1.60 per share and in March 2021, VOYG-T’s record high of $ 32.68. VOYG-T is currently trading at less than 97% and the stock market is declining sharply after declining crypto markets. The 3 AC loan default announcement added another setback to the company’s stock price.

The letter, which discusses the first USDC payment request and then the rest of the general claim, says Voger does not know if he will return. “None of these amounts have been paid and failed. [Three Arrows] Vogueer says that these days it is a matter of choice. ”[The company is] Could not evaluate the return amount at this time. Bitcoin.com News recently reported on Three Arrow Capital and explained how the founders of the company are silent about the situation.

3 AC founder Kyle Davis told the Wall Street Journal (WSJ) that the collapse of Terra LNA and UST had hurt the company and that there was a plan to find a “fair solution” for all 3 AC parties. In addition, 3AC is said to have tried to offer the GBTC arbitration deal to several prominent investors just days before the company’s demise. In addition to Fineblock, Voyager and 3C, Mike Novogratz’s Galaxy Digital saw its stock fall sharply after the fall of Terra Luna and USC. Galaxy shares fell 90% from mid-November.

Novogratz also remained silent for a while following the Terra Fisco, but apologized for the incident but said the Galaxy had not suffered much from Tera’s fall. He says that this is because the Novogratz Galaxy is stuck with the main idea of ​​investing in something that is comfortable. Since the letter, Novogratz has been a little more active on social media, and many others have advertised or invested in Tera or have distanced themselves from the blockchain project.

Tags in this story

$ 655 Million Loan, 3AC, 3AC Loan Default, Bitcoin (BTC), Crypto, Cryptocurrency, defaulters, Digital Assets, Finblox, Loan Default, Credit, LNA, Stock Market, Terra fiasco, Three Arrow Capital, TSX-Listed, USD Coin (USDC), UST fall, voyager, VOYG-T, VOYG-T stock.

What do Voyager Digital think about the problems with crypto hedge fund 3AC? Let us know what you think in the comments section below.

Jamie Redman

Jamie Redman is a news editor at Bitcoin.com and a Financial Tech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He loves Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the current disruptive protocols.




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