Three Arrows Capital Allegedly Owns $655 Million Voyager Digital – Crypto Firm ‘Unable to Assess’ Whether It Can Refund – Bitcoin News

Reportedly, TSX-listed Voyager Digital is another company that has been negatively affected by financial problems linked to crypto hedge fund Three Arrows Capital (3AC). In a letter to investors, Voyager’s management indicated that 3AC is likely to default on a $655 million loan and hopes to have some of the funds available by the end of this month.

Three stock contagion: 3AC owns $655 million for Voyager Digital — management has set a payment date

3AC’s financial woes appear to be beginning to spread across the crypto industry, and while a number of companies have said they are safe, others have made it clear that they are suffering from the fallout. For example, a company backed by 3AC called Finblox Hinge On June 16, it had to pause rewards (up to 90% APY) for all of its users, and the platform has also raised withdrawal limits. This week, the publicly listed crypto company Voyager Digital open She was dealing with issues associated with 3AC.

In a letter sent to Voyager investors on Wednesday, the company revealed that it owed $655 million and 3AC was supposed to repay the money in bitcoin (BTC) and the dollar stablecoin (USDC). Voyager owes her $15,250 BTC and $350 million, according to the company. The administration said it originally requested $25 million in US dollars to be paid by June 24, but now wants the full balance of USDC and BTC by June 27.

TSX-listed VOYG-T stock loses half its value in one day – Voyager “unable to assess how much it will be able to recover at this point”

It appears that the news has not been good with Voyager investors as the value of the company’s shares plunged 53% over the 24-hour period. Currently, TSX-listed VOYG-T is down 52% and trading at $0.76 per unit. On June 21, VOYG-T traded hands for $1.60 per share and in March 2021, VOYG-T saw its all-time high (ATH) at $32.68 per share. VOYG-T is currently 97% below ATH and the stock has been dropping since the crypto markets plummeted in value. The 3AC loan default announcement added another blow to the value of the company’s stock.

The letter discussing the initial payment request from USDC, and then the request for the full balance, says that Voyager does not know whether or not it will be repaid. “None of these sums have been repaid, and failed before [Three Arrows] Paying the required amount by these specific dates would constitute a default event, Voyager said. “[The company is] Unable at this point to assess how much he would be able to recover.” News recently reported on Three Arrows Capital and explained how the company’s founders have been silent about the situation.

3AC founder Kyle Davis revealed to The Wall Street Journal (WSJ) The fallout from Terra LUNA and UST has hurt the company and plans are in place to find a “fair solution” for all 3AC components. Moreover, 3AC allegedly attempted to promote GBTC arbitrage trading to many big-name investors a few days before the company’s alleged collapse. Along with Finblox, Voyager, and 3AC, Mike Novogratz’s Galaxy Digital has seen its shares plummet since the fallout from Terra LUNA and UST. Galaxy shares are down nearly 90% from their high in mid-November.

Novogratz was also a bit silent after the Terra failure, but then posted a public apology for the matter, but said Galaxy didn’t suffer much from the Terra meltdown. That’s because Novogratz said Galaxy stuck to a basic principle of investing which includes only investing in what you feel comfortable losing. Since the message, Novogratz has been more active on social media while many people who have promoted or invested in Terra have remained silent or 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 defaults, loans, LUNA, stock market, Terra fiasco, Three Arrows Capital, TSX, Dollar Coin (USDC), UST Fallout, Voyager, VOYG-T, VOYG-T Stock

What do you think of the problems Voyager Digital has with its 3AC crypto hedge fund? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for News about the disruptive protocols emerging today.

photo credits: Shutterstock, Pixabay, Wiki Commons

disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

اترك تعليقاً

لن يتم نشر عنوان بريدك الإلكتروني.

زر الذهاب إلى الأعلى