Crypto platform Voyager Digital Ltd.
shares plunged greater than 60% Wednesday after the corporate stated its subsidiary Voyager Digital LLC, could challenge a discover of default to embattled crypto hedge fund Three Arrows Capital for failure to repay its mortgage.
Voyager’s publicity to Three Arrows consists of 15,250 bitcoin, or about $315 million primarily based on the crypto’s latest value, and $350 million value of the steady coin USDC, the lender stated in a press release Wednesday. Bitcoin is buying and selling at round $20,629 Wednesday, down 4.6% over the previous 24 hours, in accordance with CoinDesk knowledge.
The debtor has but to repay any of the debt after the lender initially requested a compensation of $25 million USDC by June 24 and later of your entire stability of USDC and BTC by June 27, in accordance with Voyager.
Voyager stated it’s in discussions with Three Arrows’s advisors for authorized treatments out there.
Learn: Crypto crash: Celsius, Three Arrows potential contagion worries buyers. Right here’s what to observe
In the meantime, Voyager Digital stated one other subsidiary Voyager Digital Holdings, Inc. entered right into a definitive settlement to lift a $200 million money and USDC revolver and a 15,000 BTC revolver from Alameda Ventures, in accordance with the identical assertion. Proceeds might be used to “safeguard buyer property in gentle of present market volatility and provided that such use is required,” in accordance with Voyager.
As of June 20, Voyager has about $152 million money and crypto property, plus roughly $20 million money that’s restricted for the acquisition of USDC, the corporate stated.