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According to sources, TSX-listed Voyager Digital has also been badly impacted by financial concerns related to the Three Arrows Capital (3AC) cryptocurrency hedge fund. Voyager's management said in a letter to investors that 3AC may have defaulted on a $655 million loan and that it wants to retrieve part of the cash by the end of this month.
The Three Arrows Contagion: 3AC Owes Voyager Digital $655 Million; Management Has Established a Repayment Date.
3AC's financial difficulties appear to have sparked a contagion throughout the crypto business. Although some organizations have stated they are unaffected, others have claimed that they are suffering from the impact. Finblox, a firm sponsored by 3AC, disclosed on June 16 that it had to suspend incentives (up to 90 percent APY) for all its members and that the platform had to increase withdrawal limitations. This week, the publicly traded cryptocurrency startup Voyager Digital disclosed that it was grappling with 3AC-related concerns.
In a letter addressed to Voyager’s investors on Wednesday, the business claimed that it was due $655 million in bitcoin (BTC) and the stablecoin USD Coin from 3AC (USDC). The business claims that it owes Voyager 15,250 BTC and 350,000,000 USDC. Initially, management requested that $25 million in USDC be paid by June 24, but now it wants the whole amount of USDC and BTC paid by June 27.
VOYG-T Loses Half Its Value Overnight — Voyager Is “Unable to Assess at This Time the Amount It Will Be Able to Recoup”
The news did not sit well with Voyager investors, as the company’s stock fell 53 percent in value over 24 hours. The TSX-listed VOYG-T stock is 52 percent down and trading at $0.76 a share. On June 21, VOYG-T traded at $1.60 per share, but its all-time high (ATH) price was $32.68 per share in March 2021. VOYG-T is presently more than 97 percent below the ATH, and the stock has been falling since the value of crypto markets collapsed. The notice of 3AC’s financial default further decreased the company’s shares’ value.
In the letter discussing the initial USDC payment request and later the demand for the total debt, Voyager states that it is uncertain if it will be repaid. Yager stated, “Neither of these amounts has been repaid, and failure by [Three Arrows] to repay either requested amount by these specified dates will constitute an event of default. The company is] unable to assess at this point the amount it will be able to recover.” Recently, Bitcoin.com News reported on Three Arrows Capital and described how the company’s founders had remained mute on the matter.
Kyle Davies, the co-founder of 3AC, disclosed to the Wall Street Journal (WSJ) that the Terra LUNA and UST controversy had harmed the firm and that efforts were underway to establish an “equitable solution” for all 3AC stakeholders. Moreover, 3AC purportedly pitched a GBTC arbitrage play to many prominent investors days before the company’s supposed demise. In addition to Finblox, Voyager, and 3AC, Mike Novogratz’s Galaxy Digital has experienced a considerable decline in its stock price since the Terra LUNA and UST scandals. The price of Galaxy’s shares has decreased by close to 90 percent from the mid-November peak.
Novogratz was silent for a while after the Terra debacle, although he later issued a public apology and stated that Galaxy had not suffered greatly from the Terra collapse. This is because Novogratz stated that Galaxy adhered to a fundamental investment principle, which is only to invest what you are willing to lose. Since the letter, Novogratz has been somewhat more active on social media. However, most those who championed or invested in Terra have stayed silent or disassociated themselves from the blockchain project.
