Crypto lender Voyager Digital files for bankruptcy | Top stories Hub
Crypto lender Voyager Digital files for bankruptcy As of July 6, Reuters: Voyager Digital (VOYG.TO) announced on Wednesday that it has filed for bankruptcy, a week after the cryptocurrency lender had stopped accepting deposits, withdrawals, and trading requests in order to investigate strategic options. Voyager, based in New Jersey, stated in its Chapter 11 bankruptcy filing on Tuesday that it has more than 100,000 creditors, assets worth between $1 billion and $10 billion, and liabilities of the same amount. Source All civil legal cases are put on hold by Chapter 11 bankruptcy procedures, which also allow businesses to continue operating while turnaround plans are being developed. Voyager Chief Executive Officer Stephen Ehrlich stated in a statement that "the sustained volatility and contagion in the cryptocurrency markets over the past few months, as well as the default of Three Arrows Capital on a loan from the company's subsidiary, Voyager Digital, LLC, require us to take...