3AC takes Voyager Digital to grave with it
After the disclosure of loans made by Voyager Digital to the Three Arrows Capital fund, the crypto broker’s listings on the Toronto Stock Exchange (TSX) fell by more than 60%. Currently, Voyager Digital’s (VOYG) stock price is CA$0.61 per share, less than half of the previous trading day’s closing price.
The main news, which caused a downfall, is that Voyager Digital is expected to default on unsecured loans of 15,250 BTC and $350M USDC, provided to infamous Three Arrows Capital.
What happened and what does Alameda have to do with it?
Voyager initially requested repayment of the $25 million loan until June 24, 2022, then issued a second demand for repayment of the entire USDC and BTC balance until June 27. None of these requests have yet been met. If the situation does not change and Three Arrows Capital does not meet the obligations presented within the required deadlines, Voyager Digital itself will be in default.
The funny thing is that there are beneficiaries in this sad story. The Alameda fund is one, affiliated with the FTX crypto exchange and its head Sam Bankman-Fried, which lent Voyager Digital $200M USDC and 15,000 BTC.
Conspiracy theorists in the crypto world have once suggested a theory that goes something like this: Alameda co-CEO Sam Trabucco and Sam Bankman-Fried bet against retail on FTX exchange, disconnecting stablecoins , bypassing Celsius, UST and LUNA, and then “saving” failed projects like BlockFi and Voyager. Bankman-Fried, however, dismissed these accusations as lies. But who knows, maybe this theory will turn out to be an axiom, and we will see another bailout like those of Celsius and Three Arrows Capital assets.