Cryptocurrency broker Voyager Digital has reduced its daily withdrawal limit to $10,000 (from $25,000). The company had previously said it could issue a “notice of default” for the hedge fund if Three Arrows Capital (3AC) failed to repay its loan.

According to the press release, Voyager Digital has loaned 3AC for 15,250 BTC (~$311 million at the time of writing) and 350 million USDC. On June 24, the company requested to settle part of the 25 million USDC debt, and then demanded to repay the entire loan in BTC and stablecoin by June 27.

“None of these positions were used. Failure to pay 3AC on any of the requested amounts within the specified time frame will be a default event. Voyager plans to seek bailout from 3AC and is discussing available solutions with attorney. “At this time, the company cannot estimate the amount recoverable from 3AC.”

To protect clients’ assets, Voyager Digital has agreed with Alameda Research on a 200 million USDC loan and 15,000 BTC revolving credit line.

The company stated that as of June 20, 2022, it has $152 million in fiat and digital assets and $20 million it can use to purchase USDC.

On June 22, the broker announced that it has signed a definitive financing agreement with Alameda Research.

This morning we announced the definitive agreement with Alameda Ventures for a $200 million cash/USDC revolver and 15,000 BTC revolver.

Read today’s post: https://t.co/8wPfzcaI6K

— Voyager (@investvoyager) June 22, 2022

In May 2022, Sam Bankman-Fried’s company became the lead investor in the $60 million Voyager Digital funding round. Last Sunday, the billionaire said the FTX exchange he led should “intervene” in the midst of the crisis and help other industry players.

3AC co-founder Kyle Davis said the hedge fund is considering selling some of its holdings to save itself.

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