Crypto Loan Company Voyager Digital Temporarily Suspend Withdrawals. Crypto lender Voyager Digital announced on Friday (1/7/2022) that it has temporarily suspended withdrawals, trading and deposits on its platform. The company also said it was exploring strategic alternatives to maintain the value of its platform.
The move comes days after the company issued a notification to crypto hedge fund company Three Arrows Capital (3AC) over the company’s failure to make required payments on the loan.
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Voyager said it had lent USD 350 million or around Rp. 5.2 trillion and 15,250 bitcoins to 3AC and currently according to an informant 3AC has entered the liquidation phase.
In a statement, Voyager Chief Executive Stephen Ehrlich said the move gave the company additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the platform.
Voyager said in a release they have hired Moelis & Company and Consello Group as financial advisors, and Kirkland & Ellis LLP as legal counsel to assist the company.
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Crypto Loan Company Voyager Digital Temporarily Suspend Withdrawals. On June 22, Voyager signed an agreement with Alameda Ventures Ltd for a revolving line of credit, gaining access to additional capital to meet its customers’ liquidity needs as crypto prices hit.
In a release, New Jersey-based Voyager said the value of its crypto assets is $685 million, compared to more than $1.12 billion in crypto assets it has lent.
The move by Voyager comes less than a month after another crypto lender, Celsius Network suspended withdrawals, citing extreme market conditions. Celsius has not yet opened a recall for its customers.
