Times of Middle East

Crypto Moves – Bitcoin and Ethereum fall; Three Arrows to receive a default notice

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling by 0.94 percent to $20,293.15 as of 8:20 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,082.86 falling by 1.76 percent, according to data from Coindesk.

Crypto broker Voyager likely to send Three Arrows a default notice

Voyager Digital Ltd. said on Wednesday that if cryptocurrency hedge fund Three Arrows Capital Ltd. fails to repay a loan it may issue a default notice to the company, according to Reuters.

Voyager has a total exposure of 15,250 Bitcoin, $310 million, and $350 million USD Coin to Three Arrows Capital, the company said.

It requested that the entire amount be repaid by June 27 after initially asking for $25 million USDC by June 24. Neither of those have been repaid, Voyager added.

The hedge fund is also being investigated for legal recourse, according to Voyager. The Wall Street Journal reported last week that Three Arrows is considering selling assets and getting a bailout from another firm.

With inputs from Reuters


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