Voyager Digital: Exposure to 3AC consists of 15,250 BTC and 350 million USDC

Voyager Digital: Exposure to 3AC consists of 15,250 BTC and 350 million USDC

On Wednesday (June 22), Voyager Digital Ltd., the owner of the cryptographic trading platform, (TSX: VOYG) Voyager Digitalannounced that its operating subsidiary, Voyager Digital, LLC, may grant default to Three Arrows Capital (“3AC”) if it has not repaid the loan.

According to Voyager Press release:

  • Voyager’s 3AC exposure is 15,250 bitcoins and 350 million USDC;
  • Voyager has requested that he be paid USD 25 million by June 24 and the remainder by June 27;
  • So far, Voyager has not received anything from 3AC, and if 3AC does not meet these deadlines, Voyager will consider that 3AC has defaulted on the loan;
  • Voyager intends to recover these funds from 3AC and will consult with its advisors to find the best possible legal deal, but it does not know if it can get anything from 3AC.

In addition, Voyager announced that its subsidiary Voyager Digital Holdings, Inc. (“VDH”) has “entered into a final agreement with Alameda Ventures Ltd. (” Alameda “) regarding a previously announced credit facility designed to help Voyager meet customers’ liquidity needs in this dynamic environment. during.”

Apparently, VDH “agreed a final agreement with Alameda on a $ 200 million cash and USDC turret and a 15,000 BTC turret.” The proceeds are “intended to be used to safeguard clients’ assets in the light of current market instability and only if such use is required”.

As of June 20, Voyager has “approximately $ 152 million in cash and owned cryptographic assets and approximately $ 20 million in cash restricted to the purchase of the USDC.”

The blog also mentioned that:

Alameda’s obligation to provide funding is subject to certain conditions, including: up to US $ 75 million may be withdrawn during any rolling 30-day period; The company’s corporate debt must be limited to approximately 25 percent of customer assets on the platform, less $ 500 million; and additional sources of funding must be secured within 12 months.

To date, shares of Voyager Digital have fallen 94.45%:

Alex Hern, the UK’s British technology vendor, described Voyager Digital’s risk management process as follows:

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Recommended image author “Donbrandon”Through

h/t – CryptoGlobe

Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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