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Deadline expired - Voyager Digital is considering "legal action" against Three Arrows Capital

 


Crypto exchange Voyager Digital has officially given notice to struggling crypto hedge fund Three Arrows Capital (3AC) after the investment firm paid off its 15,250 bitcoin ( BTC ) and $350 million coin ( USDC ) has not paid back despite repeated requests.


As Voyager announced on Monday , the crypto exchange is now considering “legal action” together with its own lawyers to recover the funds from 3AC.


In addition, Voyager discloses that as of June 24, it has over $137 million in reserves in the form of fiat currencies and cryptocurrencies. In this context, the trading platform emphasizes that despite the lack of funds from Three Arrows Capital, it is maintaining its operations as usual and is not imposing any trading freeze or payout freeze.


In order to prevent its own insolvency, the platform hired the investment bank Moelis & Company. This should help to compensate for any liquidity bottlenecks. As Voyager CEO Stephen Ehrlich explains, the crypto exchange is working hard to make its capital position as resilient as possible.


Voyager also notes that $500 million in credit from Alameda Research is still available in an emergency. The company is currently using only $75 million of these funds.


Last week, Voyager granted a final deadline for 3AC to repay the outstanding BTC and USDC. At least 25 million US dollars should have been settled by last Friday, the remaining debt was then due by this Monday. Accordingly, the crypto hedge fund missed the deadlines set, which is why the crypto exchange reacted accordingly.


Beyond the mere funds, Voyager is also concerned with not losing investor confidence, as Voyager stock has plummeted a whopping 60% after the exchange revealed that it had lent funds to the now-apparently insolvent crypto hedge fund . Subsequently, the trading platform also reduced the withdrawal limit for users to $10,000, which in turn set off alarm bells in the crypto community.

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