The TSX-listed crypto company said Three Arrows failed to repay 350 million USDC and 15,250 Bitcoin, collectively worth roughly US$665 million. (The Logic)
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The TSX-listed crypto company said Three Arrows failed to repay 350 million USDC and 15,250 Bitcoin, collectively worth roughly US$665 million. (The Logic)
Talking point: A default by Three Arrows, a major crypto hedge fund, would put additional pressure on Voyager to meet withdrawal requests from its customers. The platform offers crypto trading as well as ways for customers to earn yield on their crypto holdings in a manner similar to Celsius, the CDPQ-backed startup that suspended withdrawals this month amid reports it is facing a potential bankruptcy. In addition to roughly US$137 million in cash, Voyager has access to US$200-million and 15,000-bitcoin lines of credit from Alameda, a firm affiliated with crypto billionaire Sam Bankman-Fried. Voyager has used US$75 million of the credit line, it said. Last week, the company lowered withdrawal limits for customers from US$25,000 to US$10,000 as turmoil continued to hit the crypto market.
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