THELOGICALINDIAN - Sam BankmanFried is bound acceptable cryptos arch lender of aftermost resort
Voyager Digital has been appear to accept had $667 actor in acknowledgment to Three Arrows Capital; the aggregation has anchored a accommodation from Alameda Research to ensure its barter will not be impacted by the barrier close wipeout.
Voyager’s Exposure to 3AC
Crypto barter Voyager appear today that it was heavily apparent to Three Arrows Capital.
According to the company’s press release, Voyager’s acknowledgment to the crypto barrier armamentarium consists of 15,250 BTC and $350 actor USDC, for a absolute of about $667 million. Voyager has requested Three Arrows Capital to accord $25 actor by June 24 and the blow of their outstanding antithesis by June 27; abortion to complete claim by those deadlines will be interpreted as “an accident of default.”
Voyager’s banal (VOYG) plummeted afterward the account and is now at -63% on the daily, aperture at $1.30 and currently trading at $0.59.
Three Arrows Capital (3AC) was one of the top crypto barrier funds in the world. Its co-founders, Su Zhu and Kyle Davies, became belled in the crypto amplitude for blame the “supercycle” thesis, arguing that Bitcoin would no best acquaintance -80% drawdowns. They acknowledged aftermost anniversary that the barrier armamentarium had been wiped out by contempo bazaar volatility.
Alameda Swoops In
In the aforementioned columnist release, Voyager abundant an acceding it had entered with crypto trading close Alameda Research in adjustment to “meet chump clamminess needs.”
Alameda will accommodation $200 actor (cash and USDC) and 15,000 BTC to Voyager in adjustment to ensure the crypto exchange’s solvency. Voyager itself currently has about $172 actor in aqueous assets. Voyager barter should accordingly not be impacted by the company’s acknowledgment to Three Arrows Capital.
Alameda additionally alongside holds 22,681,260 Voyager accepted shares (about 11.56% of the company), which it had bought at $2.34 in May.
Voyager is not the aboriginal crypto aggregation Alameda architect Sam Bankman-Fried has bailed out. His crypto exchange, FTX, additionally offered a $250 actor acclaim to crypto lender BlockFi yesterday.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
