Voyager Digital has 15,250 BTC and 350 million in USDC still owed by the now defunct Three Arrows Capital.

Voyager concurrently announced that its operating subsidiary, Voyager Digital, LLC, may issue a notice of default to Three Arrows Capital (“3AC”) for failure to repay its loan. Voyager’s exposure to 3AC consists of 15,250 BTC and $350 million USDC. The Company made an initial request for a repayment of $25 million USDC by June 24, 2022, and subsequently requested repayment of the entire balance of USDC and BTC by June 27, 2022. Neither of these amounts has been repaid, and failure by 3AC to repay either requested amount by these specified dates will constitute an event of default. Voyager intends to pursue recovery from 3AC and is in discussions with the Company’s advisors regarding the legal remedies available. The Company is unable to assess at this point the amount it will be able to recover from 3AC

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30 thoughts on “Voyager Digital has 15,250 BTC and 350 million in USDC still owed by the now defunct Three Arrows Capital.”

  1. The whole space operates like money grows on trees, and real risk was a thing of the past. The Crypto reset has begun

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  2. Why would the lend them so much? Was there any collateral involved? If not, can I borrow 20k BTC too pls, write it under my reddit name.

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  3. This sort of stuff, seeing Celcius, Luna + Tera, 3AC all slowly collapse, as well as Coinbase laying staff off, all starting to feel like a Crypto Lehman Brothers moment. I wonder who is actually going to cause the full implosion and reset back to 4 digits for BTC.

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  4. Ohh shit I actually like Voyager. I hope if 3AC actually defaults it wont kill their project. It is a lot of money and probably a significant amount of their treasury though.

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  5. Turns out that the reason fiat banks have shitty interest rates is because they can achieve paying them, whoda thought it?

    Also the friends we made along the way.

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  6. Oof, I have a bit of my Bitcoin stack with them because they were a publicly traded company, I figured they had decent risk management. Fingers crossed.

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  7. Bogdanoff Twins from heaven: Pump up the bad news, make it nearly constant. We want nothing but misery and loss.

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  8. The reason Alameda was trying to bail them out is because they own a little under 12% of their shares.

    If they haven’t liquidated them already, I’m guessing 3AC wasn’t collateralized fully and this whole situation is a complete disaster.

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  9. The numbers involved in these high profile liquidations make me feel sick. Happy this drop has helped me get hold of an extra 0.003 BTC and these guys are getting stiffed for thousands and thousands.

    The sad thing is the people playing with (and losing) that much crypto, or money in general, will probably just declare bankruptcy then go find some other ginormous VC to get a loan again and restart the process next cycle. Maybe I need to buy a suit and briefcase.

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  10. 3AC is so fucked. No way they will be able to fix their way out of this. They are going to default on everything and declare bankruptcy.

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  11. A friend has told me they have lowered withdrawals to $10k. The website states $25k. So looks like they are trying to avoid a run.

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  12. So ironic that retail investors have such a bad stigma, and all these big players are getting caught being extremely over leveraged.

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  13. Loans like this demonstrate why it’s a myth that there can only be 21m bitcoins.

    Tis true there can only be 21m on chain, but off chain bitcoins are just as fiat as the system they sought to replace.

    Companies loaning bitcoin between each other creates large bitcoin denominated assets & liabilities and the underlying bitcoin get cycled back into the ecosystem.

    You can easily end up with more than 21m bitcoin when totaled across everyone’s balance sheets.

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  14. I always felt like voyager was manipulating the reported spread to avoid honoring limit orders for small amounts of profit, kind of tipping the game a little to their own favor. Just an impression I got making trades on binance and voyager at the same time, the trades would happen on binance and the spread would just go all funhouse mirror on voyager to avoid the limit order. That experience left a sour taste in my mouth and I stopped using the exchange.

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  15. Sucks, but with FTX’s exposure I don’t think there’s any reason to worry just yet. I think FTX will keep them above water or outright acquire them if things get rough.

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  16. Yep – what we’ve witnessed last weekend was a whale liquidation. Now imagine those guys get liquidated followed by others und fear

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  17. I can’t believe how people can’t see this as straight up theft. Trump and others are the king of taking out loans without the intention of ever paying them back. Then they hide the money and file for bankruptcy. A bunch of holders here got swindled, and they are the same ones bitcing about tether, yet here someone is taking out this gigantic loan without any care of ever paying it back. They never intended to pay it back. This is the American way. Fuck over the little guy non stop all day every day. The ones giving out the loans are every bit as guilty too. Just like the banks. All around a bunch of sleazy pieces of shits that could disappear and suddenly the world would be a better place.

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