In brief

  • Voyager Digital today announced that it has suspended withdrawals, deposits, and trading on its platform.
  • The firm issued a default notice to hedge fund Three Arrows Capital this week. Three Arrows reportedly owes Voyager about $646 million worth of crypto.

Crypto trading platform Voyager Digital announced today that it has temporarily halted all withdrawals, deposits, and trading due to “current market conditions,” Voyager CEO Stephen Ehrlich said in a press release.

Earlier this week, Voyager Digital issued a default notice to Three Arrows Capital, the crypto hedge fund whose apparent recent demise has sent shockwaves throughout the cryptocurrency industry, impacting other firms that had exposure to it.

“This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” said Ehrlich. “This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together.”

Voyager Digital said that it had loaned Three Arrows Capital 15,250 Bitcoin (currently $296.1 million) and $350 million in USDC stablecoins, totalling just over $646 million at present. On Monday, the platform issued the default notice to the apparently insolvent hedge fund. A default notice is a formal notice to a borrower that it has missed payments on a loan.

On Wednesday, a court in the British Virgin Island ordered the Singapore-based Three Arrows Capital to liquidate its assets to repay debts and financial obligations.

Three Arrows…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed