Crypto broker Voyager Digital shares plunge 13% after issuing default notice to hedge fund Three Arrows, which missed $667 million payment

Voyager Digital’s
VYGVF,
-21.54%
shares fell about 13% on Monday to around $0.50, after the crypto broker said it issued a notice of default to Three Arrows, formerly one of the most active crypto hedge funds. Three Arrows defaulted on a loan to Voyager of about $666.7 million, including 15,250 BTC
BTCUSD,
-1.15%,
or about $316.7 million based on bitcoin’s recent price, or $350 million USDC, according to Voyager’s statement Monday. Voyager also said it has engaged Moelis & Company as a financial advisor, and that is has been in discussions with advisors to Three Arrows regarding potential legal remedies. Bitcoin is trading at around $20,764, down 2.5% over the past 24 hours, according to CoinDesk data.