Crypto broker Voyager Digital Ltd has lowered its daily withdrawal limits to $10,000 from $25,000, according to an update on the company’s website.
The change comes after the company said on Wednesday that its subsidiary could issue a notice of default to Three Arrows Capital Ltd if the cryptocurrency hedge fund fails to repay its loan.
Voyager did not immediately respond to a request for comment.
Voyager’s total exposure to Three Arrows Capital consists of 15,250 bitcoins (nearly $310 million) and US$350 million in coins (USDC), he said.
The New Jersey-based company said it originally requested the USDC$25 million refund by June 24, then requested that the full amount be refunded by June 27. However, none of these have been reimbursed, Voyager said.
Voyager is also discussing the legal remedies available to recover the amount from the hedge fund, he said.
Earlier this month, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, seeking to access additional capital to meet its clients’ liquidity needs as crypto prices take a hit.