Voyager, a cryptocurrency broker, is likely to notify Three Arrows of a default

Crypto broker Voyager stated that if the cryptocurrency hedge fund Three Arrows does not pay back its loan, its subsidiary may send a default notice to the company.

The cryptocurrency broker Voyager Digital Ltd stated on Wednesday that if the cryptocurrency hedge fund doesn’t pay back its loan, a subsidiary may send a default notice to Three Arrows Capital Ltd.

Voyager’s overall exposure to Three Arrows Capital is made up of $350 million in USD Coin (USDC) and 15,250 bitcoin, or almost $310 million.

The business said that after originally asking for $25 million USDC in payback by June 24, it then asked for the full sum to be paid back by June 27. Voyager said, “But neither of those has been paid back.”

In order to get the money back from the hedge fund, Voyager is also talking about legal options, according to the statement.

Hurt by a collapse in the market for digital assets, Three Arrows is looking into possibilities like selling off assets and being bailed out by another company, according to a Wall Street Journal report last week.

A request for comment from Reuters was not immediately answered by Three Arrows.

Voyager entered into a revolving line of credit agreement with Alameda Ventures Ltd. earlier this month in an effort to gain access to extra funding to support its customers’ liquidity needs as cryptocurrency prices fall.