The crypto broker Voyager Digital issued a notice of default Monday to the hedge fund Three Arrows Capital for failing to make the required payments on a loan worth more than $650 million, the latest sign of financial turmoil that has rocked the world of cryptocurrencies as the value of tokens across the market has plummeted.
Voyager said it intends to recover the funds, which was loaned as 15,250 bitcoin and $350 million in the stablecoin USDC, a digital token whose value is pegged to the dollar.
“We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” said Stephen Ehrlich, the chief executive of Voyager.
The loan default comes at a perilous moment for cryptocurrencies, as industry players and investors brace for the “crypto winter,” following a crash in prices, abrupt layoffs, and a renewed and emboldened sense of skepticism that has boiled over to condemnation among critics and market...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...