Crypto lender Voyager Digital suspends withdrawals and deposits


 Voyager Digital Ltd. announced on Friday that it has suspended withdrawals, transactions and deposits on its platform. The move comes just days after the company gave a formal notice to troubled hedge fund Three Arrows Capital (3AC) for failing to make loan payments as required.


Voyager CEO Stephen Ehrlich said the move gives the company'more time to continue exploring strategic alternatives with various stakeholders' Voyager said in a release that it has retained Moelis & Company (MC.N) and Consello Group as financial advisors. On June 22, Voyager signed a revolving line of credit agreement with Alameda Ventures Ltd to access more funds.


Voyager said it borrowed $350 million and 15,250 bitcoins from 3AC. 3AC has entered a liquidation phase, a person familiar with the matter told Reuters. Voyager's move comes less than a month after rival crypto lender Celsius Network suspended withdrawals. Celsius has not yet opened withdrawals for its customers.


Voyager's move comes less than a month after rival crypto lender Celsius Network suspended withdrawals, citing extreme market conditions. Celsius has not yet opened withdrawals for its customers. Bitcoin, the largest and best-known cryptocurrency, fell 58% in the first six months of 2022, its worst first half on record.


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