Crypto broker Voyager Digital may issue as “notice of default” to Three Arrows Capital if it fails to make a loan repayment, the company said in a statement Wednesday.
Voyager’s exposure to 3AC consists of 15,250 bitcoins and $350 million USDC.
It initially asked for repayment of $25 million USDC by June 24, and then requested repayment of the entire amount by June 27, 2022.
While several days remain before those deadlines, neither of these amounts has been repaid, Voyager said.
“Failure by 3AC to repay either requested amount by these specified dates will constitute an event of default. Voyager intends to pursue recovery from 3AC and is in discussions with the Company’s advisors regarding the legal remedies available.”
“The Company is unable to assess at this point the amount it will be able to recover from 3AC.”