THELOGICALINDIAN - Apparently Voyager Digital is out of the dupe The aggregation ran into clamminess issues back Three Arrows Capital bootless to pay a huge accommodation to them Welcome to addition affiliate of the crypto afterlife circling acquired by the Terra Luna collapse Who came to the accomplishment this time Sam BankmanFrieds added aggregation Alameda Ventures Is this man bailing out crypto or is he demography absolute ascendancy of the industry
In a recent columnist release, Voyager Digital appear that it “entered into a absolute acceding with Alameda Ventures Ltd. accompanying to the ahead appear acclaim facility, which is advised to advice Voyager accommodated chump clamminess needs during this activating period.” That’s one way of putting it. The aggregation accustomed “US$200 actor banknote and USDC blaster and a 15,000 BTC revolver.”
This morning, we appear a absolute acceding with Alameda Ventures for a $200 actor dollar banknote / USDC blaster and a 15,000 BTC revolver.
Read today’s release: https://t.co/8wPfzcaI6K
— Voyager (@investvoyager) June 22, 2022
As a reminder, bygone transpired that FTX, additionally endemic by Bankman-Fried, bailed out BlockFi with $250M. At the time, we declared the bearings as follows:
“Over the aftermost few weeks, the crypto bazaar has been trending down. The bane aftereffect of the Terra/ Luna afterlife accident rocked every aggregation out there, best of all those who offered crop on cryptocurrency deposits like BlockFi and Celsius and barrier funds like Three Arrows Capital. These companies’ problems and accessible defalcation of assets, in turn, beatific the crypto bazaar into alike added turmoil.”
The Voyager case fits appropriate into that description.
Sam Bankman-Fried’s Loan To Voyager, The Conditions
The rumors were already flying. On June 16th, analyst Dylan LeClair tweeted “Speculation here, but in its annual report, Voyager had loaned $320m to a singapore based article called “counterparty b”. One has to admiration whether “counterparty b” was 3AC and if so, how abundant of a hit Voyager took?” The acknowledgment came quicker than anyone thought.
Speculation here, but in its annual report, Voyager had loaned $320m to a singapore based article called "counterparty b".
One has to admiration whether "counterparty b" was 3AC and if so, how abundant of a hit Voyager took? $VOYG shares are bottomward 33% over the aftermost two days… pic.twitter.com/sCiYskwLEq
— Dylan LeClair 🟠 (@DylanLeClair_) June 16, 2022
In the columnist release, Voyager explained the loan:
“As ahead disclosed, the gain of the acclaim ability are advised to be acclimated to aegis chump assets in ablaze of accepted bazaar animation and alone if such use is needed. In accession to this facility, as of June 20, 2022, Voyager has about US$152 actor banknote and endemic crypto assets on hand, as able-bodied as about US$20 actor of banknote that is belted for the acquirement of USDC.”
The accommodation comes with “certain conditions,” amid them:
It’s All About Three Arrows Capital Right Now
The columnist absolution confirms the rumors, the Singapore-based commodity called “counterparty b” was 3AC. “Voyager accordingly appear that its operating subsidiary, Voyager Digital, LLC, may affair a apprehension of absence to Three Arrows Capital (“3AC”) for abortion to accord its loan.” In a contempo article, our sister armpit Bitcoinist bankrupt bottomward the barrier fund’s situation:
“The crypto armamentarium had been anon in the crosshairs of the Luna blast with acknowledgment of added than $200 actor and speculated to be as aerial as $450 million. At first, the close had appeared to animation aback from the Luna collapse but it would be anon accessible that 3AC was in a added perilous position than investors thought.”
The Voyager bearings makes it alike added obvious. The company’s “exposure to 3AC consists of 15,250 BTC and $350 actor USDC”. So, the Alameda accommodation covers best of it. What did they accept to accord in return, though? Formally, “Alameda currently alongside holds 22,681,260 accepted shares of Voyager (“Common Shares”), apery about 11.56% of the outstanding Accepted and Variable Voting Shares”. If aggregate goes well, Voyager has annihilation to anguish about. However, what if it doesn’t?
Voyager levered 3AC up with 650million of their barter money, abrogation them with alone 150million banknote reserves.
Who tf is in allegation of accident over there, Merrill Lynch?
— Tyler (@ApeDurden) June 22, 2022
In any case, for those that like gossip, here’s the adventure as anecdotal by Voyager:
“The Company fabricated an antecedent appeal for a claim of $25 actor USDC by June 24, 2022, and after requested claim of the absolute antithesis of USDC and BTC by June 27, 2022. Neither of these amounts has been repaid, and abortion by 3AC to accord either requested bulk by these defined dates will aggregate an accident of default. Voyager intends to accompany accretion from 3AC and is in discussions with the Company’s admiral apropos the acknowledged remedies available.”
Answers And Conclusions
The crypto industry as a accomplished is in a ambiguous situation. And there’s one catechism at the centermost of it, is Sam Bankman-Fried authoritative the anarchy or is he demography absolute ascendancy of the industry?
