Crypto platform Voyager Digital Ltd. VOYG, -52.50%  shares plunged more than 60%, the company said its subsidiary Voyager Digital LLC, may issue a notice of default to embattled crypto hedge fund Three Arrows Capital for failure to repay its loan.

Voyager’s exposure to Three Arrows includes 15,250 bitcoin, or about $315 million based on the crypto’s recent price, and $350 million worth of the stable coin USDC

The debtor has yet to repay any of the debt after the lender initially requested a repayment of $25 million USDC by June 24 and later of the entire balance of USDC and BTC by June 27, according to Voyager.

The debtor has yet to repay any of the debt after the lender initially requested a repayment of $25 million USDC by June 24 and later of the entire balance of USDC and BTC by June 27, according to Voyager.

Voyager said it is in discussions with Three Arrows’s advisors for legal remedies available.

Voyager said it is in discussions with Three Arrows’s advisors for legal remedies available.

Voyager Digital said another subsidiary Voyager Digital Holdings, Inc. entered into a definitive agreement to raise a $200 million cash and USDC revolver and a 15,000 BTC revolver from Alameda Ventures

Voyager Digital said another subsidiary Voyager Digital Holdings, Inc. entered into a definitive agreement to raise a $200 million cash and USDC revolver and a 15,000 BTC revolver from Alameda Ventures

Voyager has about $152 million cash and crypto assets, plus roughly $20 million cash that is restricted for the purchase of USDC, the company said.

Voyager has about $152 million cash and crypto assets, plus roughly $20 million cash that is restricted for the purchase of USDC, the company said.

Proceeds will be used to “safeguard customer assets in light of current market volatility and only if such use is needed,” according to Voyager.

Proceeds will be used to “safeguard customer assets in light of current market volatility and only if such use is needed,” according to Voyager.