Voyager, 3AC, BTC, USDC in loan; default- Everything unexpected

ambcrypto.com:

Many cryptocurrency-based firms have faced the wrath of a crypto meltdown that saw LUNA drop to zero. Interestingly,  Three Arrows Capital (3AC), the beleaguered cryptocurrency firm tops the chart. In a WSJ report, the crypto hedge fund confirmed that it had suffered heavy losses in the recent market downturn.

Furthermore, the de-pegging of stETH from Ethereum’s [ETH] price, in the secondary market, also exposed the hedge fund to multiple margin calls. For which it did not have sufficient funding. This is the main reason why different crypto lenders are pursuing recovery measures against 3AC.

Consequently, the United States-based crypto brokerage Voyager Digital, in a 27 June press release, issued a notice of default to 3AC. The latter failed to make the required payments on its previously disclosed loan of 15,250 BTC and $350 million USDC. Hence, Voyager intends to pursue recovery from the accused.

— Wu Blockchain (@WuBlockchain) June 27, 2022

This notice comes within a week of the previous notice. Voyager Digital came out with a statement that the company had exposure worth some $500 million to Three Arrows Capital. It had requested repayment of $25 million in USDC by 24 June and the entire balance of USDC and BTC by 27 June.

However, neither of these amounts were repaid. And, the ‘failure by 3AC to repay either requested amount by these specified dates will constitute an event of default.’

In this regard, Stephen