The day after Voyager Digital reported on the large loan it gave to the cryptocurrency hedge fund Three Arrows Capital (3AC), it reduced the daily withdrawal limits to $10,000 from $25,000.
On Wednesday, the Voyager cryptocurrency trading platform said it had lent 3AC more than 650 million US dollars and bitcoins, which the hedge fund is most likely unable to repay.
Voyager said it will issue a default notice if 3AC fails to repay the USDC $25 million by Friday and the remainder of the loan by June 27.
Although Voyager has said it will seek a refund, it has yet to determine how much of the money can be refunded from 3AC.
3AC is at risk of going bankrupt after failing to pay several large loans over the past few weeks.
Voyager itself has yet to set off, despite a $500 million revolving credit line from Alameda Research, founded by FTX CEO Sam Bankman-Freed.
Voyager's share price has fallen by about 55% since it became known about its contact with 3AC.
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