Crypto broker Voyager Digital Ltd said on Wednesday that its subsidiary could send a default notice to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan.
Voyager’s total exposure to Three Arrows Capital consists of 15,250 bitcoin (nearly $310 million) and $350 million USD Coin (USDC), it said.
The company said it had initially requested a $25 million USDC refund by June 24, and later requested a full refund by June 27. However, neither has been refunded, Voyager added.
Voyager is also discussing available remedies to recover the amount from the hedge fund, it said.
Hurt by a defeat in the digital asset market, Three Arrows is exploring options, including an asset sale and bailout by another company, the Wall Street Journal reported last week.
Three Arrows did not immediately respond to a request from Reuters for comment.
Earlier this month, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, seeking access to additional capital to meet its clients’ liquidity needs as crypto prices take a hit.