On Wednesday, June 22, Voyager Digital released a statement accusing Singapore-based Cryptocurrency Hedge Fund "Three Arrows Capital" (3AC) of failing to repay loans it had obtained from Voyager.
DEBT STATUS
• Credits: Loans made to 3AC contain 15250 bitcoins and 350 million USDC, which have a combined market worth of more than $650 million.
• Repayment Period: A portion of this loan of $25 million USDC was due on June 24, 2022, while the remaining balance was due on June 27.
• Status: According to Voyager, 3AC has not yet made any payments, and a default notice will be issued if the money is not repaid by the deadline.
3AC CIRCUMSTANCES
The incident of the Terra ecosystem has had a significant negative impact on 3AC, the fund lost $560 million in Luna 1.0 (now Lunc), and is now on the edge of bankruptcy. Currently, 3AC liquidated its position because it did not meet margin calls this month.
CRASHING EFFECT ON VOYAGER
That announcement has done a boomerang to Voyager, which is a Toronto-listed company, on Wednesday, the value of Voyager shares crashed to about 60%, after the company announced the default of 3AC.
SPECIFIC
According to some analysts, SBF's subsidiary FTX also purposefully harmed the 3AC, and Voyager obtained a loan from SBF's another firm, Alameda Research, to preserve the comfort of its clients. Analysts are therefore examining these circumstances together, which has led to a lot of uncertainty.
