Crypto broker Voyager’s stock craters 60% after disclosure it’s unlikely to get $660 million back from wobbling hedge fund Three Arrows Capital

Afterward, Voyager shares fell over 60% to a new 52-week low.

Its exposure to 3AC consists of 15,250 Bitcoin, or around $315 million at publish time, as well as $350 million USD Coin (USDC), according to a company press release.

Voyager requested repayment of $25 million USDC by June 24, and repayment of the entire balance of USDC and BTC by June 27, but has so far been unable to assess the amount it’ll be able to recover from 3AC.

“[F]ailure by 3AC to repay either requested amount by these specified dates will constitute an event of default,” the release reads. “Voyager intends to pursue recovery from 3AC and is in discussions with the Company’s advisors regarding the legal remedies available.”

Last week, Voyager secured a loan from quant trading shop Alameda Research for $200 million cash and USDC revolver and a 15,000 Bitcoin revolver. Voyager will only use the credit line if needed, the company said. As of June 20, it has approximately $152 million in cash and owned crypto assets, along with $20 million in cash that is restricted for the purchase of USDC only.

Voyager isn’t alone: A number of crypto platforms have come forward reporting similar losses as 3AC reportedly veers close to insolvency. 

On Tuesday, for example, crypto lending platform BlockFi announced it had signed a term sheet with FTX to secure a $250 million revolving line of credit. BlockFi also seemingly had exposure to 3AC, with BlockFi CEO Zac Prince tweeting that the company had to liquidate “a large client that failed to meet its obligations on an overcollateralized margin loan.”

When reached for comment, Voyager referred Fortune to its “existing public commentary,” including a press release and SEDAR filings. 3AC did not immediately respond to requests for comment.