Troubled crypto hedge fund Three Arrows Capital (3AC) has defaulted on a loan worth more than $670 million, according to a report by CNBC.

The report cites a notice issued on Monday morning by digital asset brokerage Voyager Digital as confirming that the fund has failed to repay a loan of $350 million in the US dollar-pegged stablecoin, USDC, and also 15,250 bitcoin, which is worth about $323 million currently.

Voyager has indicated that it intends to pursue recovery of the debt but that currently 3AC is still operational.

Voyager last week secured a commitment of £500 million in funding from Alameda, a quantitative trading form founded by Same Bankman-Fried and the company is reported to have already called on $75 million of that facility.