The Voyager Digital exchange announced today that it may issue a “Notice of Default” in the near future to cryptocurrency investment firm Three Arrows Capital (3AC) if it fails to repay the loan.
Shares of the New York-based cryptocurrency platform are down more than 60% after it revealed that its exposure to 3AC comprising 15.250 BTC is approximately $311 million at current prices, or $350 million in USDC.
The New York-based company alleges that it made an initial claim for a refund of $25 million in USDC by June 24, 2022, with a subsequent claim for a refund of the entire amount owed in USDC and BTC by June 27, 2022. .
To date, none of these amounts have been refunded, Voyager added that it "intends to pursue 3AC recovery" and is currently in discussions with its advisors "about available legal remedies."
