Trading platform Voyager takes out a loan from digital trading firm Alameda Research due to exposure to crypto venture capital firm Three Arrows Capital (3AC).
In a press release by Voyager Digital, the firm announced that it has borrowed 15,000 bitcoins (BTC) from Alameda to cover losses caused by exposure to 3AC infections.
Voyager also noted that the company can issue a notice of default to 3AC if it fails to pay its debts from Voyager. The firm disclosed that 3AC owed Voyager 15,250 BTC and $350 million in coinsurance (USDC) and reported that they had sent a request for repayment to 3AC.
The requested repayment includes $25 million to be paid on Friday and the total balance to be paid on Monday. If 3AC fails to pay any one of the specified amount, it will be treated as an event of default.
In addition to these, Voyager mentioned that it expects 3AC to take legal action to recover its funds and is currently working with the company’s lawyers to find possible legal remedies. Voyager also highlighted that, at this point, they are unable to measure the amount that could possibly be recovered from 3AC.
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In early June, Alameda Research founder Sam Bankman-Fried reported that the firm is working to stem the spread of bear market infections within the crypto ecosystem. In an interview, Bankman-Fried said that he wants to do what he can to help the crypto ecosystem grow and flourish.
Last week, 8Blox Capital’ Danny Yuan called on platforms that hold 3AC funds to freeze their accounts. Due to rumors of the company going bankrupt, Yuan noted that freezing the 3AC fund could aid recovery after future legal proceedings.