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 deliberate and decisive action now."

29 June, London (Reuters) - Three Arrows Capital (3AC), a cryptocurrency hedge fund, has entered liquidation, a source with knowledge of the situation told Reuters on Wednesday, the latest indication that the market collapse is harming the cryptocurrency business.

Source

One of the more well-known cryptocurrency investors who has encountered problems as a result of the recent market sell-off in the digital currency space is Singapore-based 3AC.

Voyager announced last week that it has sent a notice of default to the Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC) for failing to make due repayments on a loan for 15,250 bitcoin (about $324 million) and $350 million worth of USDC, a stablecoin.

Later that week, 3AC filed for chapter 15 bankruptcy, which enables foreign debtors to protect assets located in the United States.

According to Reuters last week, who cited a source familiar with the situation, Three Arrows is one of the most well-known investors affected by the sudden decline in cryptocurrency markets and is currently being liquidated.

On Wednesday, Voyager claimed to have over $110 million in cash and cryptocurrency assets on hand. It plans to pay staff as usual, continue their primary benefits, and run some client programmes normally.

The spectacular collapse of so-called "stablecoin" TerraUSD in May, which resulted in the stablecoin and its linked token losing nearly all of their value, is to blame for many of the recent issues facing the cryptocurrency sector.

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