Crypto broker Voyager Digital (VOYG) is temporarily suspending all trading, deposits, withdrawals and loyalty rewards, the company announced Friday. The changes were effective as of 2 p.m. ET.
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“This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” said Stephen Ehrlich, Chief Executive Officer of Voyager, in a statement. “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. We will provide additional information at the appropriate time.”
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Voyager recently disclosed it had significant exposure to Three Arrows Capital (3AC) and had issued a notice of default to the beleaguered hedge fund. Voyager claims 3AC has failed to make require payments on its loan of 15,250 BTC ($294 million) and $350 million USDC. Voyager said it is actively pursuing all available remedies for recovery from 3AC, including through a court-ordered liquidation process in the British Virgin Islands.
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Shares of Voyager, already down sharply early in the day, were down more than 17% to $0.58 in Friday’s trading. Shares are down more than 96% year to date.
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Ehrlich did not immediately respond to a request for additional information.
This is a developing story and will be updated.
UPDATE (July 1, 19:41 UTC): Updated with information about Three Arrows Capital in second bullet point.
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