Voyager Digital Issues 3AC Notice of Default on Loan Around $665M

As of Monday, Voyager’s platform continues to operate and fulfill customer orders and withdrawals, and its liquidity levels remain healthy, the company said

article-image

Source: Shutterstock

share
  • Voyager Digital’s exposure to 3AC could pose serious issues for the company, analysts say
  • Three Arrows owes Voyager 15,250 bitcoins and $350 million in USDC

Voyager Digital has issued a notice of default to Three Arrows Capital, as the company claims the hedge fund failed to make payments on a loan of 15,250 bitcoins, worth about $315 million on Monday, and $350 million in USD Coin (USDC).

“We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” Voyager CEO Stephen Ehrlich said in a statement Monday.

Voyager, a publicly-traded crypto platform founded in 2018, allows investors to trade more than 100 cryptoassets and earn up to 12% yield on various tokens.

Voyager’s platform continues to operate and fulfill customer orders and withdrawals, and its liquidity levels remain healthy, the company added. 

As of June 24, 2022, Voyager had approximately $137 million in cash and owned cryptoassets on hand, the statement said. 

“The Company also has access to the previously announced US$200 million cash and USDC revolver and a 15,000 BTC revolver from Alameda Ventures Ltd,” the statement said. 

The notice of default comes as cryptocurrency industry members continue to evaluate the contagion risks following the apparent collapse of Three Arrows Capital and crypto lender Celsius

“At the end of the day, what market participants should take away is that risk management is one of, if not the most, critical aspects of the crypto lending space,” Bill Barhydt, CEO of Abra, said. “It has been an issue in this space for years, and now we are seeing it first-hand with multi-billion dollar enterprises.” 

Compass Point Research and Trading analysts Chris Allen and Alessandro Balbo said in a research note last week that Voyager’s exposure to Three Arrows Capital “raises survivability questions” for the company.

Three Arrows Capital has not publicly responded to the notice of default and did not immediately respond to Blockworks’ request for comment. A spokesperson from Voyager declined to comment further.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Former White House crypto official Bo Hines is expected to be the CEO of the new project

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers