Voyager Digital. announced today that it has filed a notice of default with Three Arrows Capital (3AC) for failing to make payments due. In the statement, it was announced that Three Arrows Capital did not pay 15,250 BTC and 350 million USDC worth of crypto assets. Accordingly, 3AC's debt to Voyager Digital amounts to $768.9 million.

As reported by Voyager, a configuration plan for 3AC is being worked on while consulting with legal counsel on various legal options. Voyager reported last week that it could send a notice of default to 3AC.

On the other hand, the company reported that it used the credit line at Alameda Ventures Ltd. to avoid disruption of customer activities. He also announced that he has $137 million worth of cash and crypto assets in his portfolio. Voyager CEO Stephen Ehrlich said in a statement that they continue to work diligently to strengthen the company's balance sheet and continue to meet customers' withdrawal demands.

Crypto Analyst-2

Voyager Digital has decided to drastically reduce its daily crypto withdrawal limits after announcing last week that it will receive Three Arrows Capital. Toronto-based Voyager Digital has increased its daily fund withdrawal limit from $25,000 to $10,000. BlockFi and Genesis were the entities that liquidated some positions in Three Arrows Capital before 3AC defaulted due to its default. The crypto hedge fund is apparently having a tough time finding financing to continue its operations.

The development that put the crypto hedge fund in a difficult situation, as it will be remembered, was the sharp decrease in the value of Lido Stake Ethereum (stETH), which it used as collateral in its portfolio. However, before this development, Terra's collapse in May also reportedly led to a deterioration in 3AC's financial structure. Because the company was one of the important investors of Terra. Voyager's warning today could prompt other creditor companies to follow suit. Moreover, it is not clear how much 3AC owes to which organizations at the moment.