Three Arrows Capital in Debt Default as Deadline to Repay Over 15K BTC Passes | News

Three Arrows Capital (3AC) is said to have defaulted as the Singapore-based hedge fund has failed to repay 15,250 BTC and $350 million in USDC to Voyager Digital.

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The crypto broker said in a press release it intends to perform legal remedies from 3AC and is already in discussions with a group of advisors. Despite 3AC’ default, Voyager says it’s agreements with Alameda Ventures have not been damaged.

“We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” said Stephen Ehrlich, Chief Executive Officer of Voyager.

Voyager first required 3AC to repay its loan by June 24, but later delayed the deadline by June 27. As questions began to swirl over 3AC’s liability, Voyager Digital lowered its daily withdrawal limits from $25,000 to $10,000.

The Singapore-based hedge reportedly began ghosting its business partners shortly after it had failed to meet commitments to its clients and faced liquidations amid the market crash.

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