ChainCatcher news reports that court documents show that weeks before filing for bankruptcy, the crypto hedge fund Three Arrows Capital (3AC) sent a one-page net asset value (NAV) statement to the lending institution Voyager Digital. The two parties conducted only one due diligence review. Voyager's Chief Business Officer Jon Brosnahan stated that, according to Chief Financial Officer Ryan Whooley, this due diligence took place on February 28, 2022, and lasted between 30 minutes to an hour.The document disclosed details of Voyager Digital's due diligence on Three Arrows Capital. "The Voyager due diligence team did not have 3AC's income statement, cash flow statement, or balance sheet, nor did they conduct any liquidity stress tests on 3AC. Many employees involved in the due diligence stated that they did not have a background in credit risk assessment." (source link)