Voyager Digital suspends all operations due to lack of funds

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Cryptocurrency broker Voyager Digital announced a “temporary” suspension of trading, accepting deposits and withdrawals due to a lack of funds following the market crash and default of Three Arrows Capital fund.

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At the moment, the amount of funds on Voyager Digital accounts is about $685 million, including cryptocurrencies, but the volume of loans issued exceeds $1.1 billion. About half of the funds were issued to the Three Arrows Capital cryptocurrency fund, which currently cannot fulfill its obligations and will be liquidated according to court decision.

“This is a difficult decision, but it will give us time to explore strategic alternatives and preserve the company and platform. We are in talks with various market participants to provide additional liquidity and develop a further strategy for the company,” Voyager said in a statement.

The company’s application itself will continue to work, and users will be able to track market data and their portfolio, but they will not be able to withdraw funds yet. The Voyager cryptocurrency plastic card will also stop working.

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Now the broker is actively trying to get a refund from Three Arrows Capital in the court of the British Virgin Islands, and also plans to use every opportunity to recover funds from all debtors. Voyager Digital previously reported that Three Arrows Capital was over $650 million in debt service payments.

Source: Bits

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