Voyager enters into $ 500M loan deal with Alameda through 3AC exposure

Trading platform Voyager Digital takes a loan from trading company Alameda Research for its exposure to crypto-venture capital firm Three Arrows Capital (3AC).

In a press release from Voyager Digital, the company announced that it has borrowed 15,000 Bitcoin (BTC) from Alameda to cover the losses that came from its exposure to the 3AC contamination.

Voyager also noted that the company may issue a standard notification to 3AC if they do not repay their Voyager loans. The company revealed that 3AC owed Voyager 15,250 BTC and $ 350 million USD Coin (USDC) and stated that they had sent repayment requests to 3AC.

The requested refund is about $ 25 million to be paid on Friday and the total balance to be paid on Monday. If 3AC fails to pay any of the specified amounts, it will be considered a default event.

Apart from this, Voyager noted that it hopes to take legal action to recover its funds from 3AC and is currently working with the company’s lawyers to find potential legal remedies. Voyager also noted that at this point they are unable to measure the amount that could possibly be recovered from 3AC.

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Earlier in June, Alameda Research founder Sam Bankman-Fried noted that the company is working to prevent the spread of bear contamination within the crypto-ecosystem. In an interview, Bankman-Fried said he wants to do what he can to help the crypto-ecosystem grow and flourish.

Last week, Danny Yuan of 8 Blocks Capital called on platforms owned by 3AC funds to freeze their accounts. Due to rumors about the company’s insolvency, Yuan noted that freezing 3AC funds could help with recovery to future legal proceedings.