Crypto company Voyager Digital suspends trading, withdrawals and deposits

Digital asset lending and yielding company Voyager Digital has temporarily suspended all trading, deposits, withdrawals and loyalty rewards on its platform, the company announced on Friday.

The decision came into effect at 15:00 (Brasília time).

“This was a tremendously difficult decision, but we believe it is the right one given current market conditions,” said Stephen Ehrlich, CEO of Voyager, in a statement.

“This decision gives us additional time to continue exploring strategic alternatives with multiple stakeholders, while preserving the value of the Voyager platform we built together. We will provide additional information at the appropriate time.”

Voyager recently disclosed that it had significant exposure to Three Arrows Capital (3AC) and issued a default notice to the hedge fund. Voyager alleges that 3AC failed to demand repayments on its loan of 15,250 BTC ($294 million) and $350 million USDC.

The company further stated that it is actively seeking all available remedies for the recovery of 3AC, including through a court-ordered liquidation process in the British Virgin Islands.

Voyager shares, which had already fallen sharply earlier in the day, closed down more than 17% at $0.58. Year-to-date, the company’s shares have lost more than 96% in value.

Ehrlich did not immediately respond to a request for more information.

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About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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