In a letter to investors, Voyager’s management explained that 3AC potentially defaulted on a $655 million loan. It is owed 15,250 BTC and 350 million USDC.
TSX-Listed Stock VOYG-T Loses Half of Its Value in a Day — Voyager Is ‘Unable to Assess at This Point the Amount It Will Be Able to Recover’
The news seemingly did not sit so well with Voyager investors as the company’s shares dropped 53% in value during a 24-hour period. Presently, the TSX-listed stock VOYG-T is down 52% and trading for $0.76 per unit. On June 21, VOYG-T exchanged hands for $1.60 per share and in March 2021, VOYG-T saw an all-time high at $32.68 per share. VOYG-T is currently more than 97% lower than the ATH and the stock has been sliding lower ever since crypto markets have dropped in value.
The letter that discusses the initial USDC payment request, and then the request for the entire balance, says that Voyager does not know if it will be repaid. “Neither of these amounts has been repaid, and failure by [Three Arrows] to repay either requested amount by these specified dates will constitute an event of default,” Voyager said. “[The company is] unable to assess at this point the amount it will be able to recover.” Bitcoin.
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