Singapore-based 3 AC is one of the more prominent investors that have had difficulties with regards to the market for digital currencies, as a result of the sharp sell-off seen in recent months.
Voyager Digital issued a default notice on Monday by 3 AC, saying it didn't make payments on a loan of 15,250 bitcoins, approximately $324 million and $350 million worth ofUSDC, a stable coin.
Teneo, a consulting firm, has been appointed as a liquidator.
In June, the top criptocurrency fell by 37%, trading around $20,000 on Wednesday, compared to its all-time high of $69,000 in November 2021.
The news of 3 AC's liquidation was first reported by broadcaster Sky on Wednesday.
On June 15, 3 AC's co-founder sought to address rumours in a tweet, saying the company was fully committed to working this out without going into more detail.
3 AC did not respond to a request for comment.