San Francisco, July 3 (IANS) Cryptocurrency broker Voyager Digital (VYGVF) has suspended all trading, deposits withdrawals and loyalty rewards, as top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, in which Voyager has made significant investments.
Voyager disclosed in a statement that it had significant investments in 3AC, and the Singapore-based hedge fund failed to make payments on its loan of 15,250 BTC ($294 million) and $350 million USDC.
"This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Stephen Ehrlich, CEO, Voyager.
"This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time," he added.
Shares of Voyager plunged more than 26 per cent.
Voyager said it is actively pursuing all available remedies for recovery from 3AC, including through the court-ordered liquidation process in the British Virgin Islands.
The Monetary Authority of Singapore last week slammed Three Arrows for providing false information and breaching an asset under management threshold.
The mega fund, founded by Credit Suisse (SIX: CSGN ) traders Zhu Su and Kyle Davies, once managed an estimated $10 billion in assets.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Despite the cryptocurrency crash, I still thank God for good financial advice. I started investing in stocks and cryptocurrencies with just $2,500 and since I've been following Trisha Donald's guidelines for weeks now, I've made up to $10,000 in my portfolio.. face📈book 👉Trisha DonaldLike 2