Voyager Digital is making good on its promise to chase down crypto hedge fund Three Arrows Capital (3AC) for owed money. 

The crypto broker is reported to have lent 3AC $350 million in the stablecoin USDC and 15,250 Bitcoin, totaling over $673 million at today’s prices. 

On June 22, Voyager claimed it had requested a partial $25 million USDC repayment by June 24. It added that it sought full repayment by today. 

It appears neither of these requests has been met, leading to this afternoon's default notice and strengthening claims that 3AC is insolvent


A default notice is a formal response issued by a lender whenever a borrower has missed payments on their loan. Such a note doesn't ensure that the lender will be made whole, but it may mean they could soon collect the initial collateral. 

Voyager conceded that though it's intent on recovering the entirety of the loan, the firm is "unable to assess at this point the amount it will be able to recover from 3AC," according to statements made last week.

The firm is reportedly in discussions with its advisors "as to legal remedies available," continues today's announcement.


3AC's crypto woes

Once a darling of crypto's raging bull market, 3AC, led by Su Zhu and Kyle Davies, has been hit hard by the recent crash. 

As the bear market deepened, kicked off by the implosion of Terra (another crypto project that 3AC had backed), various firms, including BitMEX, BlockFi, and Genesis Trading, liquidated 3AC's outstanding loans.

Amid the chaos, crypto exchange FTX and trading firm Alameda Research have stepped in to supply bailouts to affected firms. 

The exchange is expected to acquire a $250 million stake in BlockFi, and Alameda has already issued Voyager a revolving line of credit to stay afloat.

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