Traditional finance (TradFi) has many negative sides that are open to discussion. In the crypto ecosystem, the involvement of the actors in TradFi is exponentially increasing. The more old-school investors join crypto ecosystem, the more exposure is on our young and vulnerable ecosystem.
We have experienced the collapse of LUNA /UST and the avalanche of problems in CeFi and TradFi figures is growing. Recently, 3AC stopped paying for the loans and the liquidation risk of Celsius Network is still a huge risk.
Meanwhile, there are some problems with Voyager due to their exposure to 3AC.
Voyager to Save 3AC, IF possible.
Voyager shares plunge 73% in a month. Just within 2 days, the shares lost more than 60% because Voyager has more than 15k Bitcoin and $350M USDC exposure to 3AC, which is in the verge of default.
According to Currency.com
>Initially, Voyager asked 3AC for the repayment of $25m (£20m) in USDC by 24 June and then later requested the entire amount to be repaid by 27 June, but Voyager has not received payment thus far.
3AC is having serious issues due to their involvement in LUNA.
> The Defi Edge, 3AC had also spent $559m (£458m) buying locked LUNA before the cryptocurrency’s collapse last month.
So, at the end of the day, 3AC lost millions of dollars because the company bought staked LUNA with their money but LUNA went down to 0 in a couple of days. On the other hand, Voyager is waiting for repayment so that they can operate functionally.
There is a terrible case that is speculated.
Voyager has given $665M to 3AC by keeping only $150M for themselves.
Can you believe that 🙄
Alameda to Rescue (?)
FinanceFeeds noted that Sam, once again, bail out some investment companies before they collapse, again.
> Sam Bankman-Fried-led Alamada Research will extend a credit line of $200 million in cash and USDC alongside a 15,000 BTC revolver.
Sam, SBF, is obviously playing big.
It is certain that he is enhancing his social influence in crypto, also in TradFi, with generous and helpful actions he has taken. However, behind the stage, there are some issues that people do not know.
Smart Money is on hunting mode. Starting with the USDN attack, people keep saying that Alameda Research is threatening the projects/companies with manipulation if they do not answer their requests by them.
Assuming that these speculations are true, we got that the one who brings problem and the one who saves the ecosystem from devastating results of the problem is the same person! If we consider the claims of Sasha, Founder of Waves, and shady things over FTX and Alameda, there might be market manipulation as these people talk about.
TL;DR
Briefly, Voyager is in trouble as the company has $665M exposure to 3AC that cannot repay the loans. Due to the high risk taken by Voyager, the shares of the platform has plunged more than 60% within 2 days.
Meanwhile, SBF, from Alameda & FTX, is delaying the repayment of the debs for many companies. Similarly, he does the same thing for Voyager, too. Though he seems like a superhero, there are also some serious speculations about manipulation by Alameda Research before he wears his red cape!
