After the disclosure of loans made by Voyager Digital to the Three Arrows Capital fund, quotes of the crypto broker on the Toronto Stock Exchange (TSX) fell by more than 60%. At the moment, Voyager Digital's share (VOYG) price is $0.61 CAD per share, which is less than half the closing price of the previous trading day.
The main news, which caused a downfall, is that Voyager Digital is expected to default on unsecured loans of 15,250 BTC and $350M USDC, provided to infamous Three Arrows Capital.
What happened and what does Alameda have to do with it?
Voyager originally requested repayment of the $25 million loan through June 24, 2022, and then issued a second request to repay the entire USDC and BTC balance through June 27. Neither of these requests has yet been met. In case the situation does not change and Three Arrows Capital fails to meet the presented obligations within the required time frame, Voyager Digital itself will default.
The funny thing is that there are beneficiaries in this sad story. The Alameda fund is one, affiliated with the FTX crypto exchange and its head Sam Bankman-Fried, which lent Voyager Digital $200M USDC and 15,000 BTC.
Conspiracy theorists from the crypto world have already suggested a theory that looks like this: Sam Trabucco, co-CEO of Alameda, and Sam Bankman-Fried bet against retail on FTX exchange, de-pegging stablecoins, shorting Celsius, UST and LUNA, and then "rescuing" failed projects like BlockFi and Voyager. Bankman-Fried, though, dismissed such accusations as lies. But who knows, maybe this theory will turn out to be an axiom, and we will see another bailout like those of Celsius and Three Arrows Capital assets.
Alex Dovbnya
Vladislav Sopov
Dan Burgin