Voyager Digital reduces withdrawal limit after reporting $660 million exposure to Three Arrows Capital

Voyager Digital disclosed that they had loaned $350 million in stablecoins and 15,250 Bitcoin (around $310 million) to Three Arrows Capital, a crypto hedge fund that could not meet its margin calls amidst a crypto downturn and the failure of large projects like Terra. Voyager asked 3AC to repay the loan, but reported they were "unable to assess at this point the amount it will be able to recover". They did not disclose whether they held collateral for the loan. After the announcement, shares of the publicly-traded company plummeted more than 60%.

Later that day, Voyager reduced the daily withdrawal limit from $25,000 to $10,000, suggesting they were having trouble meeting customer demand for withdrawals.

The prior week, Voyager announced they had secured a line of credit from Alameda Research amounting to $200 million in cash and 15,000 Bitcoin. Alameda Research is a trading firm founded by Sam Bankman-Fried, who also runs the FTX crypto exchange.