Voyager issued 3AC default notice over 15,250 BTC and 350 million USDC

Voyager Digital said on June 27, 2022 that its operating subsidiary had issued a notice of default to Three Arrows Capital after the crypto hedge fund failed to make required payments on loans of 15,250 bitcoin and 350 million USD Coin. The announcement turned concern about crypto credit into a documented counterparty failure at a platform serving retail customers.

The central fact is narrow but consequential: Voyager said a contractual repayment failure had occurred and that it was considering legal remedies. The release did not establish how much could be recovered, whether the loans were collateralized, or what legal process would follow.

From repayment demand to default notice

Voyager had disclosed the exposure five days earlier, on June 22, 2022. It said it first requested repayment of 25 million USDC by June 24, then requested the entire outstanding balance of USDC and BTC by June 27. On June 27, Voyager said the required payments had not been made and that it intended to pursue recovery from 3AC while consulting advisers about available legal remedies.

The units matter. The claim comprised 15,250 BTC, whose dollar value changed continuously across trading venues, plus 350 million USDC, a dollar-referenced token amount. Coinburn does not assign a single combined dollar value because Voyager’s June 27 release supplied no valuation timestamp, venue, pricing methodology, accrued-interest figure or recovery discount. Contemporary reports converted the bitcoin leg using then-current market prices, but those estimates were snapshots rather than contractual principal stated in dollars.

Voyager’s liquidity response

Voyager said its platform continued operating and fulfilling customer orders and withdrawals on June 27. It also reported approximately $137 million in cash and crypto assets owned by the company as of June 24. That was a company-reported balance-sheet snapshot, not an independently audited real-time reserve measure, and it did not describe customer liabilities in the same disclosure.

The company also said it could access a $200 million cash-and-USDC revolving facility and a separate 15,000 BTC revolver from Alameda Ventures. By June 27, Voyager said it had drawn $75 million from the facility. It added that the 3AC default did not trigger a default under the Alameda agreement and that Moelis & Company had been retained as financial adviser.

Those measures showed why the notice mattered beyond a dispute between two trading firms. A large loan to one borrower had become a liquidity question for a customer-facing crypto platform, which was drawing external credit while trying to meet withdrawals. The episode exposed concentration and maturity risk that token-level market data alone could not reveal: assets might appear on a lender’s balance sheet while remaining unavailable when a borrower missed a call for repayment.

What was known on June 27

The verified record on June 27 was a default notice reported by Voyager, the specified BTC and USDC balances, the company’s stated liquidity position, and its announced pursuit of recovery. Reuters independently reported the notice and the same loan units on June 27.

Several conclusions were not yet supported by the event-day record. The announcement was not proof that Voyager would recover nothing, that 3AC had entered a particular insolvency proceeding, or that Voyager would halt its platform. Voyager itself warned that the amount recoverable from 3AC was uncertain and that available credit might not be sufficient if customer withdrawal demand exceeded its cash and borrowing capacity.

Later context

After June 27, the situation changed quickly. Voyager announced on July 1, 2022 that it was suspending trading, deposits, withdrawals and loyalty rewards. That later action clarifies the seriousness of the liquidity pressure, but it is not projected backward into the June 27 account: on the event date, Voyager’s public position was that the platform remained operational while recovery options were being evaluated.