(Natural News) Voyager Digital LLC just issued a notice of default to Three Arrows Capital (3AC) after the latter failed to make the required payments on a loan of 15,250 bitcoins (BTC) and $350 million of USD Coin (USDC).
Another domino to fall in the cryptocurrency collapse contagion, 3AC will now have to work with Voyager’s advisors to come up with a plan for recovery. Voyager says it fully intends to pursue 3AC for what it owes, and is in talks right now to discuss available legal remedies.
As of this writing, the Voyager platform is still fully operational and the company is fulfilling orders and withdrawals as normal. As of June 24, Voyager had about $137 million in cash and owned crypto assets on hand.
Voyager also reportedly has direct access to $200 million in cash and USDS revolver, as well as a 15,000 BTC revolver, from Alameda Ventures Ltd. There is also a $75 million line of credit that Alameda has made available to Voyager, as well as the continued use of Alameda’s facilities to handle customer orders and withdrawals.
The 3AC default, Voyager also announced, does not cause a default on the agreement with Alameda.
“We are working diligently and expeditiously to strengthen our balance sheet and pursuing options so we can continue to meet customer liquidity demands,” announced Voyager Chief Executive Officer Stephen Ehrlich.
Voyager hired Moelis & Company as its financial advisor to help the company develop an appropriate solution.
Love of money is the root of all evil
The crypto world has been battered as of late, ever since most coins, including the big boys like bitcoin, plummeted in price, reaching multi-year and in some cases all-time lows.
Luna, as we reported, basically collapsed, sending many people’s portfolios into the dust. Some even contemplated suicide because of the financial wreckage in which they were left.
It was fun while it lasted, but the crypto craze is turning out to bear many of the same hallmarks as fiat currencies like the United States dollar in that just about everything is a Ponzi scheme.
Even the precious metals market is heavily manipulated due to paper trading, and with endless leverage schemes, the prices can be kept artificially low or used periodically as a pump-and-dump.
When it comes to financial instruments of any kind, there almost always seems to be some kind of fraud involved. And the past few months have shown that even “decentralized” crypto is riddled with the same type of corruption that is seen elsewhere throughout the financial markets.
What is really interesting is that most major cryptos have been moving in tandem. When one goes up, they all go up. And most notably in the past few months, just about all of them crashed right alongside bitcoin.
How can this be if they are all supposedly “different” and “unique” from one another? Could it be that we are not being told the full story about how these things really operate and function behind the scenes?
“The globalists were never going to allow any competition to their control of the currency,” wrote a commenter at Natural News about how crypto, despite all the hype, is really no different than fiat. “It was a fool’s sucker bet.”
“I’ve been warning for years about the foolishness of investing in crypto, which is nothing more than 1s and 0s floating around in cyberspace,” wrote another. “They can disappear with the touch of a key.”
“Wait until people find out that these coins don’t even exist!” suggested another. “Please, put a bitcoin in my hand so that I may hold it.”
More related news about bitcoin can be found at BitRaped.com.