Crypto hedge fund Three Arrows Capital in default on $665 million loan

The crypto broker Voyager Digital sent a notice of default to the hedge fund Three Arrows Capital on Monday for not making

The required payments on a loan worth more than $665 million.

This is the latest sign of the financial turmoil that has shaken the world of cryptocurrencies as the value of tokens has dropped.

Voyager said it plans to get back the money, which was loaned as 15,250 bitcoin and $350 million in stablecoin USDC, a digital token whose value is tied to the dollar.

Stephen Ehrlich, the CEO of Voyager, said, "We are working hard and quickly to strengthen our balance sheet and

Are looking into other options so we can continue to meet our customers' liquidity needs."

The company said that it is talking with lawyers to figure out what its options are.

When asked for a comment, Three Arrows Capital did not respond right away.

The loan default comes at a dangerous time for cryptocurrencies, when industry players and investors are preparing for a "crypto winter

After a price crash and sudden layoffs, and when critics and market observers have become more sceptical and harsh in their criticism.

A lot of red flags have also been set off by how connected the industry is. Many companies lend money to and invest in each other.

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