Voyager Digital trading platform has received a loan from Alameda Research to help it survive the storm caused by Three Arrows Capital (3AC). It concerns a loan of 15,000 Bitcoin and 200 million dollars in cash, with which Voyager Digital must remain afloat. 3AC, which is in liquidity trouble, has 15,250 Bitcoin and 350 million dollars in USDC from Voyager Digital.
The end of 3AC?
This Friday, 3AC must repay $25 million of that total to Voyager Digital. The total loan must be returned to Voyager Digital by Monday. If the 3AC fails to comply with this, it is technically seen as bankruptcy. The chances seem to be getting smaller by the day that Voyager Digital will ever see their money from 3AC again. So to support Voyager Digital, Sam Bankman-Fried’s Alameda has now issued a $500 million loan.
If 3AC fails to repay the loan in the coming days, Voyager Digital plans to take legal action. Voyager Digitial’s team of lawyers is currently working on the best possible roadmap. Voyager has indicated that it currently has no idea how much they can get back from 3AC. Which immediately shows how dramatic the situation at 3AC is at the moment.
Alameda is ready to save the market
A few days ago, Sam Bankman-Fried’s Alameda announced that it would do everything it could to keep the market afloat. In a interview Bankman-Fried said that he and his companies want to do everything they can to make the ecosystem flourish again. That currently means handing out loans to keep major players in the industry going.
Last week, Danny Yuan of 8 Blocks Capital called on major parties to freeze 3AC’s funds. In theory, this can help to recover funds through the courts. If the funds of 3AC can still be moved, there is a good chance that everything will be liquidated and there will be little left for the creditors in question. So a lot of misery, which we certainly have not heard the last of.