The trading platform Voyager Digital takes a loan from trading firm Alameda Research due to its exposure to cryptocurrency venture capital firm Three Arrows Capital (3AC).
In a Voyager Digital press release, the firm announced that it has borrowed 15,000 Bitcoin (BTC) from Alameda to cover losses that occurred from its exposure to the 3AC contagion.
Voyager also noted that the business could issue a notice of default to 3AC if you don’t repay your loans. The company revealed that 3AC owes Voyager 15,250 BTC and 350 million USD Coin (USDC) and noted that they have submitted refund requests to 3AC.
The requested refund involves 25 million USDC to be paid on June 24, 2022, and payment of the full balance on June 27, 2022. If 3AC fails to pay any of the specified amounts, it will be considered an event of default.
Apart of this, Voyager said it hopes to take legal action to recover its funds from 3AC and is currently working with the company’s lawyers to find possible legal solutions. Voyager also noted that, at this time, it cannot measure the amount that can possibly be recovered from 3AC.
Begining of June, Alameda Research founder Sam Bankman-Fried noted that the firm is working to prevent bear market contagion from spreading within the cryptocurrency ecosystem. In an interview, Bankman-Fried said that he wants to do what he can to help the crypto ecosystem grow and prosper.
In the past week, Danny Yuan of 8 Blocks Capital asked platforms that are in possession of 3AC funds to freeze their accounts. Due to rumors of the company’s insolvency, Yuan said freezing 3AC’s funds may help recovery after future legal proceedings.
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