Crypto broker Voyager Digital has lowered the daily withdrawal limit to $10,000 (from $25,000).
The company has previously said it could issue a “default notice” to hedge fund Three Arrows Capital (3AC) if the latter fails to repay the loan.
According to the press release shared by the company, Voyager Digital has issued a loan to 3AC for 15,250 BTC and 350 million USDC. On June 24, the company asked to close part of the debt in the amount of 25 million USDC, and then demanded to repay the entire loan in BTC and stablecoins by June 27.
Per the statement:
“None of these positions have been redeemed. Failure to pay 3AC any of the requested amounts within the specified time frame will be a default event. Voyager intends to seek recovery from 3AC and is discussing available remedies with counsel. At the moment, the company cannot estimate the amount that can be recovered from 3AC.”
In order to protect clients’ assets, Voyager Digital has agreed with Alameda Research on a USDC 200 million loan and a 15,000 BTC revolving line of credit.