Crypto broker Voyager Digital files for bankruptcy
The company’s estimated assets are between $1 billion and $10 billion, and the number of creditors exceeds 100 000
06.07.2022 - 06:45
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What’s new? Cryptocurrency broker Voyager Digital has filed for bankruptcy in New York. The company’s estimated assets are between $1 billion and $10 billion, liabilities are estimated in a similar range, and the number of creditors exceeds 100 000, The Block reports. The court will separately hear the cases of three business enterprises associated with the broker: Voyager Digital Holdings, Voyager Digital LLC, and Voyager Digital Ltd. They will be represented by the law firm Kirkland and Ellis.
How did events develop? On July 1, Voyager Digital announced the suspension of all operations, including withdrawals. The platform had about $685 million in cryptocurrency in its accounts, while the volume of loans issued exceeded $1,1 billion. Half of that amount was allocated to the bankrupt hedge fund Three Arrows Capital (3AC), which also filed an application to this effect on July 2.
On June 4, CoinLoan, a cryptocurrency lending platform, reduced its withdrawal limit from $500 000 to $5 000. According to the company’s representatives, the decision was made to maintain liquidity and is temporary in nature. They noted that CoinLoan was probably the only company not affected by the 3AC crash.
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