TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals

After the TSX-listed Voyager Digital revealed that it was owed $655 cardinal from Three Arrows Capital (3AC), the institution secured a $500 cardinal recognition enactment from Alameda Ventures successful bid to “safeguard lawsuit assets.” Five days aboriginal connected July 1, Voyager announced the crypto institution was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.”

Another Crypto Firm Freezes Withdrawals, Voyager CEO Says ‘It Was a Tremendously Difficult Decision’

• The embattled integer currency steadfast Voyager Digital (OTCMKTS: VYGVF) announced a impermanent withdrawal and deposit intermission connected Friday, according to a caller press release. Voyager explained that it was “temporarily suspending trading, deposits, withdrawals and loyalty rewards, effectual astatine 2:00 p.m. Eastern Daylight Time today.”
• “This was a tremendously hard decision, but we judge it is the close 1 fixed existent marketplace conditions,” Stephen Ehrlich, the main enforcement serviceman astatine Voyager said successful a statement.
• VYGVF shares plummeted to $0.29 per stock aft the erstwhile adjacent astatine $0.44 per stock connected Thursday. Shares person mislaid 99% since the stock’s all-time precocious astatine $27.39 per stock connected April 1, 2021.

• “This determination gives america further clip to proceed exploring strategical alternatives with assorted funny parties portion preserving the worth of the Voyager level we person built together,” Ehrlich added. “We volition supply further accusation astatine the due time.”
• In summation to the update concerning deposits, withdrawals and loyalty rewards, Voyager summarized 3AC’s indebtedness to the company. “Voyager besides provided the pursuing fiscal and equilibrium expanse updates, per requirements of Canadian securities laws,” the institution explained.
• Just past week, Voyager opened a recognition enactment with Alameda Ventures and said it secured a revolving $500 cardinal enactment of credit from the firm. The announcement came aft Voyager revealed that it was owed $655 million successful the signifier of bitcoin (BTC) and the stablecoin usd coin (USDC).
• Furthermore, Voyager has besides disclosed that it is moving with Kirkland & Ellis LLP for ineligible assistance and Moelis & Company and The Consello Group for fiscal advice.
• Voyager’s withdrawal intermission follows the suspension of withdrawals the crypto lender Celsius initiated weeks ago. Celsius has yet to update the assemblage concerning the company’s authoritative plans to resoluteness its fiscal hardships.
• However, connected Thursday, Celsius published a blog post that says the steadfast is “focused and moving arsenic rapidly arsenic we tin to stabilize liquidity and operations.” Celsius further said that it was “pursuing strategical transactions,” and “restructuring” liabilities, “among different avenues.”

• On the aforesaid time Voyager temporarily froze the exchange’s main operations, Blockfi co-founder Zac Prince disclosed that Blockfi mislaid astir $80 cardinal owed to 3AC vulnerability and stressed it was “a fraction of losses reported by others.”
• Voyager’s announcement besides discussed “the court-ordered liquidation process successful the British Virgin Islands” arsenic the crypto steadfast said that it was “actively pursuing each disposable remedies for betterment from 3AC.”

What bash you deliberation astir Voyager Digital temporarily pausing withdrawals? Let america cognize what you deliberation astir this taxable successful the comments conception below.