Alameda Research Commits $500 Million to Fund Distressed Trading Platform, Voyager Digital
Three Arrows Capital (3AC), a well-known cryptocurrency hedge fund, has now defaulted on a loan worth over $670 million. Voyager Digital, a digital asset brokerage, had recently issued a notice according to which the fund failed to successfully repay a $350 million loan in USDC and 15,250 BTC.
Voyager stated that it aims to continue pursuing 3AC recovery. In the meantime, the broker stressed that the platform is still operational and is actively fulfilling customer orders as well as withdrawals. However, experts believe that such assurance is presumably an attempt to keep fear of contagion from spreading throughout the wider cryptocurrency ecosystem and market.
Stephen Ehrlich, Voyager CEO and Co-Founder, said that the team is working tirelessly and quickly to improve the situation and pursue viable options to continue meeting customer liquidity demands.
Elsewhere, FTX CEO Sam Bankman Fried&39s quantitative trading firm, Alameda, committed $500 million in funding to Voyager Digital in the previous week. Voyager has already drawn $75 million from this credit line, and Sam is also now the single biggest shareholder of Voyager Digital.
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