Crypto broker Voyager Digital Ltd said on Wednesday its subsidiary may issue a default notice to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan.
Voyager’s total exposure to Three Arrows Capital consists of 15,250 bitcoin (nearly $310 million) and $350 million USD Coin (USDC), it said.
The company said it had initially asked for repayment of $25 million USDC by June 24, and later requested that the entire amount be repaid by June 27. However, neither of those have been repaid, Voyager added.
Voyager is also discussing legal remedies available to recover the amount from the hedge fund, it said.
Hurt by a rout in the digital assets market, Three Arrows is exploring options including a sale of assets and a bailout by another firm, the Wall Street Journal reported last week.
Three Arrows did not immediately respond to a Reuters request for comment.
Earlier this month, Voyager signed an agreement https://www.prnewswire.com/news-releases/voyager-digital-provides-market-update-301572971.html with Alameda Ventures Ltd for a revolving line of credit, seeking access to additional capital to meet its customers’ liquidity needs as crypto prices take a hit.