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Tuesday, August 9, 2022

Voyager Has Entered Itself In A $500 Million Loan Agreement

Voyager Digital, a trading platform, recently took a loan from Alameda Research- another trading firm- due to the exposure that it received from Three Arrows Capital.

In a press release conducted by the trading platform, it was announced that the company had borrowed around 15,000 BTC from Alameda in the hopes of covering the losses that came from the exposure to the 3AC Contagion. The company also noted that they could be issuing a notice of default to 3AC if they failed to repay their loans to the Digital company. The firm went on to reveal that 3AC owed around 15,250 BTC to them along with $350 million USDC. They further noted that they had already sent multiple requests to 3AC for repayment. 

Voyager Digital To File A Lawsuit On 3AC

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The repayment request from Voyager Digital also involves a sum of $25 million that needs to be paid by Friday and the payment of the total balance on Monday. If 3AC isn’t able to pay either of the amounts that has been specified, this will be considered to be an event for default.

Apart from such scenarios, the firm has also noted that it hopes to pursue some form of legal action that would help them recover the funds that it lost from 3AC and was currently working with the lawyers in the company to find some form of potential legal remedies. The company also noted that they were unable of measuring the amount that could possibly be recovered from Three Arrows Capital.

This month also saw Sam Bankman-Fried, the founder of Alameda Research, noting that the firm was actively working to prevent the spread of the contagion of the bear market within the ecosystem of crypto. In one interview, the founder mentioned that he would be doing whatever was needed to save the ecosystem of crypto.

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Recently, Danny Yuan called for those platforms in possession of 3AC funds- like Voyager Digital- and asked them to freeze the accounts. 

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