Crypto hedge fund Three Arrow Capital (3AC) sent a one-page statement of net asset value (NAV) to lender Voyager Digital just weeks before filing for bankruptcy, according to court documents filed on Tuesday. Voyager said it lent 3AC $654 million, or nearly 58% of its loan portfolio, during which it conducted only one due diligence. The filing, dated May 13, 2022, shows Three Arrows has a net asset value of just under $2.4 billion. According to Voyager Chief Commercial Officer Jon Brosnahan, this due diligence took place on February 28, 2022, and lasted 30 minutes or an hour, according to CFO Ryan Whooley. The filing also disclosed Voyager Digital's level of due diligence on Three Arrows. Voyager Due Diligence team does not have 3AC's income statement, cash flow statement or balance sheet. It did not run any stress tests on 3AC liquidity.