Trading platform Voyager Digital takes out a loan from trading firm Alameda Research due to its exposure to cryptocurrency venture capital firm Three Arrows Capital (3AC).
In a Voyager Digital press release, the firm announced that he borrowed 15,000 bitcoins (BTC) from Alameda to cover losses incurred as a result of exposure to the 3AC infection.
Voyager also noted that the company may issue a default notice to 3AC if they fail to repay loans from Voyager. The firm revealed that 3AC owes Voyager 15,250 BTC and $350 million in coins (USDC) and noted that they have sent redemption requests to 3AC.
The requested payout includes $25 million due on Friday, with the remaining amount due on Monday. If 3AC fails to pay any of these amounts, this will be considered a default event.
In addition, Voyager noted that he hopes to take legal action to recover his funds from 3AC, and is currently working with the company’s lawyers to find possible remedies. Voyager also emphasized that at the moment they cannot measure the amount that can be extracted from 3AC.
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Earlier in June, Alameda Research founder Sam Bankman-Fried noted that the firm was working to prevent the spread of bear market contagion in the crypto ecosystem. In an interview, Bankman-Fried said he wants to do whatever it takes to help the cryptocurrency ecosystem grow and prosper.
Last week, Danny Yuan of 8 Blocks Capital urged platforms holding 3AC funds to freeze their accounts. Due to rumors of the company’s insolvency, Yuan noted that a freeze on 3AC funds could help recover from future litigation.
Credit : cointelegraph.com