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.
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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.
BlockFi can confirm that we exercised our best business judgment recently with a large client that failed to meet its obligations on an overcollateralized margin loan. We fully accelerated the loan and fully liquidated or hedged all the associated collateral.