Voyager Digital said its subsidiary may issue a notice of default to embattled crypto hedge fund Three Arrows Capital for failure to repay its loan.
Crypto platform Voyager Digital Ltd. CA:VOYG shares plunged more than 60% Wednesday after the company said its subsidiary Voyager Digital LLC, may issue a notice of default to embattled crypto hedge fund Three Arrows Capital for failure to repay its loan.
Voyager’s exposure to Three Arrows includes 15,250 bitcoin, or about $315 million based on the crypto’s recent price, and $350 million worth of the stable coin USDC, the lender said in a statement Wednesday. Bitcoin is trading at around $20,629 Wednesday, down 4.6% over the past 24 hours, according to CoinDesk data.
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